Divorce and taxes seem to be two inescapable life scenarios for too many people.
Take Texas billionaire Sam Wyly for example. He filed for bankruptcy protection in October but only after a federal jury told him to pay an estimated $400 million in penalties.
His offense was that he'd used offshore trusts to hide his stock trades.
SEC Finds Wealthy Philanthropist Was Hiding Money
Who is this guy? He was a contributor to Republican causes and a charitable donor who made his fortune investing in - and later selling - his interests in two chains: Michaels, the arts-and-crafts stores, and Sterling Software.
Those businesses made him a considerable sum of money. He made even more money when he sold Sterling for $4 billion in 2000 and sold Michaels for $6 billion in 2006.
However, his business dealings weren't, shall we say, always above board. Last May, a Manhattan federal jury found Wyly and the estate of his deceased brother, Charles, guilty of making illegal trades.
The SEC accused Wyly and his brother of recouping an estimated $550 million from at least 700 undisclosed transactions in 40 companies. They then shuffled the money between their Cayman Islands and Dallas accounts.
The Securities and Exchange Commission (SEC) didn't take that too well.