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Securities and Exchange Commission v. Wyly et al

  1. September 25, 2014

    Wyly Bros. Ordered To Pay At Least $187M For Tax Fraud

    A New York judge on Thursday ordered Texas tycoon Sam Wyly and the estate of his late brother Charles Wyly Jr. to pay at least $187 million for using offshore trusts to secretly trade stocks while evading taxes, but said the ultimate penalty may be twice as much.

  2. August 22, 2014

    SEC's $729M Judgment Would Bankrupt Wylys, Defense Says

    An attorney for Texas tycoon Sam Wyly and the estate of his late brother Charles Wyly Jr. told a New York federal judge Friday that the U.S. Securities and Exchange Commission's request for a $729 million fraud judgment could "bankrupt" the defendants.

  3. August 21, 2014

    Wyly Challenges SEC's Power Over Tax Disgorgement

    Texas tycoon Sam Wyly on Thursday shot back at the federal government's statement of interest in his tax fraud suit in New York Federal Court, saying that Securities and Exchange Commission cannot order a disgorgement and that attorneys general have limited power to determine tax liability.

  4. August 11, 2014

    US Urges Caution In Disgorgement Ruling In Wyly Fraud Suit

    The federal government urged a New York federal court Saturday to use caution in interpreting relevant tax laws and to not subvert their legislative purpose when considering the U.S. Securities and Exchange Commission's request for disgorgement against Texas tycoon Sam Wyly and his late brother's estate in their tax evasion case.

  5. August 04, 2014

    SEC Pushes For $750M Judgment In Wyly Fraud Case

    Texas tycoon Sam Wyly and the estate of his late brother Charles Wyly Jr. should be penalized up to $750 million for using offshore trusts to secretly trade stocks while evading taxes, a U.S. Securities and Exchange Commission lawyer said Monday at the start of a damages trial.

  6. July 29, 2014

    Judge Says SEC Can't Seek All Profits In Wyly Fraud Case

    The U.S. Securities and Exchange Commission can't seek $488 million in disgorgement from Texas tycoon Sam Wyly and the estate of his late brother Charles Wyly Jr. based on their alleged total profits from offshore stock deals, a New York federal judge ruled Tuesday.

  7. July 11, 2014

    Judge Rejects SEC Insider Trading Claim Against Wyly

    The U.S. Securities and Exchange Commission suffered yet another insider trading loss on Thursday when a New York federal judge dismissed its claim that Texas tycoon Sam Wyly used offshore trusts to illegally trade shares of a software company for which he served as board chairman.

  8. July 02, 2014

    SEC Seeks Another Win As Wyly Is Tried For Insider Trading

    The U.S. Securities and Exchange Commission accused billionaire Texas investor Samuel Wyly and his late brother Charles Wyly Jr. of banking $32 million by trading on nonpublic information about the sale of a software company they controlled, in the latest proceeding following the agency's $550 million win against the brothers.

  9. June 12, 2014

    Wyly, SEC Spar Over Penalty In $550M Fraud Case

    The U.S. Securities and Exchange Commission on Thursday sent a letter to the New York federal judge assessing the penalty for Sam Wyly, the Texas investor found guilty last month of a $550 million stock fraud, defending the disgorgement it requested.

  10. May 14, 2014

    SEC Silences Critics With Resounding Victory In Wyly Trial

    After months of bruising headlines, the U.S. Securities and Exchange Commission this week scored a much-needed courtroom victory in a long-simmering case against the Wyly brothers, co-founders of Michaels Stores Inc., proving that the agency still has the courtroom chops to take complex cases to trial and win.

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