The United States Securities and Exchange Commission recently filed suit against two Texas brothers (Sam and Charles Wyly) alleging an elaborate securities sham to fraudulently sell offshore assets. Sam Wyly is on the Forbes list of billionaires. According to a front page article by David Segal in the August 23, 2010 New York Times
August 2010
Domestic Asset Protection Trust Versus Offshore Asset Protection Trust
By Ken Laino on
Posted in Domestic Asset Protection Trusts, Offshore Trusts
Alaska was the first state in the United States to pass a domestic asset protection trust statute. Prior to 1997, this type of protection could only be obtained in offshore jurisdictions such as the Isle of Man. A number of other states — including Delaware — have subsequently enacted similar statutes. There is now an ongoing…
Florida Supreme Court Limits Protection for Single Member LLC’s
By Ken Laino on
Posted in Limited Liability Company
It has generally been assumed that when a creditor of an LLC member gets a judgment against that member, the only thing the creditor can do is to get a so-called "charging order". Such an order does not give the creditor control of the LLC — just a right to receive distributions if and when…