Gabelli Doesn't Doom $550M Wyly Case, SEC Says

Law360, New York (April 5, 2013, 1:59 PM EDT) -- The U.S. Securities and Exchange Commission on Wednesday took a swipe at billionaire Samuel E. Wyly, claiming he wrongly cited the U.S. Supreme Court’s recent Gabelli ruling in arguing the agency waited too long to sue over an alleged $550 million securities fraud scheme.

The SEC asked a New York federal judge to reject Wyly’s motion to dismiss the 2010 suit. It claims Wyly and his now-deceased brother, Charles J. Wyly Jr., set up and operated an elaborate system of offshore sham trusts and companies in...
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