As I have previously discussed, after a jury found Sam and Charles Wyly guilty of fraud, the SEC and the defense began arguing over the amount of sanctions that should be applied. Yesterday, U.S. District Judge Shira Scheindlin, ordered sanctions of $187.7 million for the Wyly’s offshore trust scheme that brought in profits of $553 million for the brothers. The SEC had asked for over $700 million in sanctions, but is considering the ruling a win.
See Sara Jerving, Texas Entrepreneur Wyly Sentenced to Sanctions—Update, Dow Jones Business News, Sept. 25, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
