The Securities and Exchange Commission is seeking damages totaling $1.41 billion from Texas tycoon Sam Wyly and the estate of his late brother Charles for their role in a plan to conceal trades in companies they controlled by using a network of offshore trusts, Reuters reports.
In a court filing submitted by the SEC late on Friday, the agency said the amount was justified after a jury in New York federal court found that the pair committed fraud by reaping $553 million in profits over a 13-year period and failing to disclose that to investors in the companies.
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