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Texas businessman Wyly strikes $198 million deal with SEC
Source: Reuters
U.S. | Sat Oct 1, 2016 | 8:30am EDT
Texas businessman Wyly strikes $198 million deal with SEC
By Nate Raymond | NEW YORK
Texas businessman Sam Wyly has agreed to pay $198.1 million to resolve claims by U.S. securities regulators that he engaged in a long-running securities fraud to hide trades in companies he controlled using offshore trusts, according to a court filing.
According to papers filed by the U.S. Securities and Exchange Commission on Friday in Manhattan federal court, Wyly is also in talks to resolve tax claims by the Internal Revenue Service after he was ordered to pay $1.11 billion.
The settlement is subject to approval by SEC commissioners and a federal bankruptcy judge in Dallas, where the once-reported billionaire filed for Chapter 11 in 2014 amid the SEC's pursuit for monetary sanctions.
Under the settlement agreement, Wyly, 81, and his family have agreed to take steps to have the offshore trusts at issue in the Isle of Man make payments to satisfy a judgment the SEC obtained in 2015.
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Texas businessman Wyly strikes $198 million deal with SEC
By Nate Raymond | NEW YORK
Texas businessman Sam Wyly has agreed to pay $198.1 million to resolve claims by U.S. securities regulators that he engaged in a long-running securities fraud to hide trades in companies he controlled using offshore trusts, according to a court filing.
According to papers filed by the U.S. Securities and Exchange Commission on Friday in Manhattan federal court, Wyly is also in talks to resolve tax claims by the Internal Revenue Service after he was ordered to pay $1.11 billion.
The settlement is subject to approval by SEC commissioners and a federal bankruptcy judge in Dallas, where the once-reported billionaire filed for Chapter 11 in 2014 amid the SEC's pursuit for monetary sanctions.
Under the settlement agreement, Wyly, 81, and his family have agreed to take steps to have the offshore trusts at issue in the Isle of Man make payments to satisfy a judgment the SEC obtained in 2015.
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Read more: http://www.reuters.com/article/us-sec-wyly-idUSKCN12139N
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