Former billionaire Sam Wyly ended his six-year battle with the SEC, agreeing to pay $198 million to settle a fraud suit. A judge found that Wyly and his brother used a web of offshore trusts to hide millions of dollars while building their chain, Michaels Stores Inc. Under the deal, Wyly will try to obtain disbursements from his trusts in the Isle of Man to help finance the settlement, drop his appeal, and the SEC will drop his children as relief defendants.
See Erik Larson, Bankrupt Billionaire Sam Wyly, Family Settle SEC Fraud Suit, Bloomberg, September 30, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
