Securities and Exchange Commission v. Wyly et al

  1. February 26, 2015

    Wyly Brothers Ordered To Pay $299M To SEC In Fraud Case

    A New York federal judge on Thursday ordered former Michael's Stores Inc. Chairman Sam Wyly and the estate of his late brother Charles Wyly Jr. to pay about $299.3 million to federal regulators for engaging in securities fraud, after the parties spent months battling over the amounts.

  2. February 02, 2015

    Wyly Judge Won't Revisit $175M Alternate Payout In SEC Case

    A New York federal judge on Monday refused to reconsider her December ruling setting a $175 million alternate measure of disgorgement in the U.S. Securities and Exchange Commission's fraud case against former Michael's Stores Inc. Chairman Sam Wyly and the estate of his late brother Charles Wyly Jr.

  3. January 14, 2015

    IRS Says Wyly Widow's Tax Liability Will Far Surpass $280M

    The U.S. Internal Revenue Service told a Texas bankruptcy court Wednesday that the widow of a real estate tycoon found guilty of securities fraud likely owes "well in excess" of $280 million in total outstanding taxes, but that Caroline Dee Wyly cannot have the court determine the tax liability of her late husband's estate.

  4. January 12, 2015

    SEC Cleared To Pursue Wyly Widow In $261M Civil Case

    The U.S. Securities and Exchange Commission scored a win after a Texas federal bankruptcy judge ruled on Friday that the widow of tycoon Charles Wyly can't prevent the SEC from naming her as a relief defendant in a civil action seeking $261 million, saying that the SEC was acting within its regulatory power.

  5. December 19, 2014

    Judge Won't Expand $188M Judgment In Wyly Fraud Case

    A New York federal judge on Friday refused the U.S. Securities and Exchange Commission's attempt to expand an earlier $188 million judgment against Texas tycoon Sam Wyly and the estate of his late brother, Charles Wyly Jr., in an alleged fraud scheme.

  6. December 02, 2014

    SEC Pursuit Of Wyly Widow Is Ch. 11 Issue, Scheindlin Says

    U.S. District Judge Shira Scheindlin dealt the U.S. Securities and Exchange Commission a blow Tuesday in its attempt to collect on a $261 million offshore-trading judgment, saying only a bankruptcy court can decide whether the assets of Texas tycoon Charles Wyly's widow are within the reach of the SEC.

  7. December 01, 2014

    SEC Seeks To Boost Wyly Judgment To $329M

    Texas tycoon Sam Wyly and the estate of his late brother Charles Wyly Jr. should fork over $329 million in illegal trading gains from a 13-year fraud scheme, a U.S. Securities and Exchange Commission lawyer told a New York federal judge Monday, seeking to expand an earlier $188 million judgment.

  8. November 21, 2014

    SEC Says It Can Pursue Wyly Widow In $261M Judgment

    The U.S. Securities and Exchange Commission urged a New York federal judge on Thursday not to drop tycoon Charles Wyly's widow as one of 16 newly named relief defendants for a currently $261 million judgment, saying it's well established that she can be named in that role despite her current bankruptcy.

  9. November 12, 2014

    SEC Official Tabs Wylys' Trading Gains At $329M

    A U.S. Securities and Exchange Commission official testified in New York federal court on Wednesday that Texas tycoon Sam Wyly and his late brother Charles Wyly Jr. reaped at least $329 million in illegal profits from offshore trading, as a judge weighed sanctions in the long-running fraud case.

  10. November 06, 2014

    IRS Says Wyly's Bankruptcy Personal Budget Is Texas-Size

    The Internal Revenue Service and the U.S. Securities and Exchange Commission on Thursday accused arts and crafts tycoon Sam Wyly of padding his "whopping" Texas bankruptcy budget with ill-justified expenses and of ignoring millions in anticipated income, as Wyly stares down a $198 million judgment from his SEC fraud trial this spring.