December 03, 2014
A Texas bankruptcy judge on Wednesday approved more than $550,000 in living expenses and legal costs for the widow of business tycoon Charles Wyly, as she and brother-in-law Sam Wyly pursue Chapter 11 bankruptcies as leverage to settle a looming tax bill and a $329 million claim from the U.S. Securities and Exchange Commission.
November 07, 2014
The ex-wife of former billionaire Samuel Wyly on Thursday accused the investor of using his recently filed bankruptcy to cheat her out of her $500,000-a-year alimony payment by listing her as an unsecured creditor whose claim on his money was contractual, not court-ordered support.
November 06, 2014
The Internal Revenue Service and the U.S. Securities and Exchange Commission on Thursday accused arts and crafts tycoon Sam Wyly of padding his "whopping" Texas bankruptcy budget with ill-justified expenses and of ignoring millions in anticipated income, as Wyly stares down a $198 million judgment from his SEC fraud trial this spring.
November 04, 2014
Texas tycoon Charles Wyly's bankrupt widow told a court she doesn't have enough to cover an eight-figure jury verdict in favor of the U.S. Securities and Exchange Commission over her husband and brother-in-law's offshore financial activities, spelling more trouble for the regulator's efforts to collect, even with the aid of an all-encompassing asset freeze granted on Monday.
November 03, 2014
A New York federal judge issued a broad asset freeze Monday that covers extended family of Texas tycoon Sam Wyly and his late brother Charles, notching a win for the U.S. Securities and Exchange Commission in its bid to protect a potential $198 million offshore-trading penalty.
October 22, 2014
Lawyers for billionaire investor Sam Wyly on Wednesday told a Texas bankruptcy judge his voluntary Chapter 11 petition protects his estate from the U.S. Securities and Exchange Commission's attempt to secure an asset freeze in New York federal court.