Judge Places Time Limit On Penalties In $550M Wyly Case

Law360, New York (June 6, 2013, 7:46 PM EDT) -- A New York federal judge on Thursday ruled that the U.S. Securities and Exchange Commission is time-barred from pursuing certain penalty claims against billionaire Samuel E. Wyly, his deceased brother and others in a suit alleging they ran a $550 million securities fraud scheme. 

U.S. District Judge Shira A. Scheindlin said the SEC was time-barred from pursuing penalty claims for alleged fraud and insider trading occurring more than five years prior to the execution of the Wylys' 2006 tolling agreement with the agency.

The agency is...
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