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SEC Slams Sam Wyly's Plan To Sell $50M Ranch

Law360, New York (April 28, 2015, 4:13 PM EDT) -- The SEC is objecting to craft-store tycoon Sam Wyly's plan to sell his $50 million Colorado ranch, worried the money will go into the pocket of the offshore trust that technically owns the property — not to pay off creditors in Wyly's blockbuster Texas bankruptcy following a $299 million judgment in favor of the regulator.

The ranch was not declared on Wyly's schedule of bankruptcy assets, filed in November after his October petition for bankruptcy. Also declaring bankruptcy in October was Caroline “Dee” Wyly, the widow of Sam Wyly's brother Charles, whose estate is responsible for approximately $101 million of that...

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Case Information

Case Title

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Case Number

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Texas Northern

Nature of Suit

Date Filed

October 19, 2014

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Government Agencies