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SEC Says Wyly Estate Must Include $249M Annuities In Ch. 11

By Vidya Kauri ( May 16, 2016, 9:50 PM EDT) -- Billionaire and securities and tax fraudster Sam Wyly should not be allowed to protect nearly $250 million in annuities and his $12 million home from creditors in bankruptcy because Texas and federal laws do not permit such exemptions, the U.S. Securities and Exchange Commission told a Texas federal court Friday....

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