Samuel Wyly doesn’t skimp on his legal defense.
Wyly is the Texas billionaire (or perhaps, former billionaire) who was targeted by the U.S. Securities and Exchange Commission for hiding huge stock holdings abroad to evade taxes. Last September the SEC won a huge award against Wyly and the estate of his late brother, Charles Wyly Jr., after taking them to trial. Including interest, the SEC’s award stands at more than $300 million, with $198 million assessed against Samuel Wyly. On Friday, according to Reuters, a lawyer for Sam Wyly said the SEC planned to increase its total demand to $455 million.
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