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Sam Wyly's Ex-Wife Sues For Cut Of Disputed Stock Holdings

Law360, New York (January 27, 2015, 2:45 PM EST) -- The ex-wife of Sam Wyly on Monday sued the former Michael’s Stores Inc. chairman in Texas bankruptcy court, saying the former billionaire concealed the amount of stock he controlled during their divorce proceedings.

Torie Steele, who was married to Wyly from 1978 to 1991, said the U.S. Securities and Exchange Commission’s successful prosecution of Wyly and his late brother Charles Wyly for an elaborate securities fraud scheme proves he defrauded her as well as investors.

A federal jury in May found in favor of the SEC in its case accusing the Wyly brothers of improperly using foreign trusts to sell shares...

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Texas Northern

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October 19, 2014

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