Executor of estate plan may face contempt charges.
Brothers Charles Wyly and Sam Wyly were known to have billions in assets but the Security and Exchange Commission charged some of those assets were gained through fraud, according to Private Wealth in “SEC Eyes Contempt for Wyly Estate’s Failure To Pay $101M.”
Before a court could render a judgment Charles Wyly passed away and the case became the responsibility of his estate and its executor, Wyly’s son-in-law Donald Miller.
In February of 2015, the estate was ordered to pay a fine of $101.2 million. That judgment is still under appeal, but that has not stopped the SEC from demanding payment, which the estate has failed to pay. The SEC has sought contempt charges against the estate.
While it appealed the judgement, the estate did not request a stay of the judgment pending that appeal. That means the estate has to pay the fine even though a court could eventually decide to overturn the judgment.
This should serve as a reminder to executors everywhere that they need to be very careful how they go about the business of handling the estate. It is important to make sure everything is done properly, especially when the estate is involved in litigation against the government.
An estate planning attorney can guide you through the process of handling your particular circumstances.
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