SEC Pushes For $50M From Dead Accused Insider Trader

Law360, New York (January 23, 2012, 8:34 PM EST) -- The U.S. Securities and Exchange Commission on Monday asked a New York federal judge to break new ground by letting it pursue the heirs of the late Charles J. Wyly Jr., a wealthy accused insider trader, for an estimated $50 million in illicit profits.

Wyly, a billionaire who allegedly used a network of offshore trusts and subsidiaries to hide trading in companies he controlled, died in a car accident in August, forcing the SEC to drop its claims for civil penalties and injunctions.

The commission, however,...
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