Texas magnate Wyly sought bankruptcy protection
Posted on Friday, October 24th, 2014 at 7:23 pm
Billionaire Samuel Wyly recently filed for bankruptcy after U.S. regulators ordered him to settle an estimated $300 million for his alleged fraudulent activities overseas, an article by CNBC 25 stated on October 21.
In the Chapter 11 bankruptcy papers forwarded to a federal bankruptcy court in Dallas, Wyly, 80, stated that his assets and liabilities both were around $100 million to $500 million. Wyly also reasoned out in his bankruptcy filing the “massive costs” of defending himself from civil claims filed against him by the U.S. Securities and Exchange Commission (SEC). The SEC claimed that Samuel and his late brother failed to declare the $553 million they earned from the offshore companies they owned. Last September a U.S. District judge in New York ordered him to settle $187.7 million, while the SEC claims that number should be more akin to $299 million.
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