Offshore Trusts: What Investigations Reveal About How They Really Work
At federal court in Manhattan, the SEC's securities fraud action against the billionaire Wyly brothers of Texas offers a fascinating and rare insight into the world of offshore trusts, including the level of actual control the Wylys had over offshore structures they claimed to legally not control. Among the court filings is a 1,204-page transcript of the deposition of Cayman Islands-based offshore provider Michelle Boucher, who helped manage some of the brothers' offshore structures. Separately, a 260 gigabyte hard drive of confidential data about offshore transactions that was leaked to to the International Consortium of Investigative Journalists also showed the hidden side of offshore trusts. This session will discuss what these cases have revealed so far about offshore trusts and how they operate.
Chairman, Tax Justice Network (USA)
Counsel & Chief Investigator to the Majority, U. S. Senate Permanent Subcommittee on Investigations (Washington, D.C.)