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,...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.