Billionaire Wyly Says $550M Insider Trading Case Too Old

Law360, New York (March 6, 2013, 6:07 PM EST) -- Billionaire Samuel E. Wyly, his deceased brother and others urged a New York federal court Wednesday to toss allegations they ran a $550 million securities fraud scheme, arguing that the U.S. Securities and Exchange Commission had waited too long to sue and couldn't pursue them for allegedly unpaid taxes.

The Wylys, along with their attorney Michael French and stockbroker Louis J. Schaufele III, said nearly all the misdeeds the regulator had alleged in its complaint had happened so long ago that they were barred by a...
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