In his bankruptcy case, onetime billionaire and Texan Sam Wyly asked the court this week to exempt from the clutches of claimants, including the Internal Revenue Service, his annuities, his 401(k), his religious books and his Dallas home, which has been appraised at nearly $9 million.
Federal prosecutors, however, argue that because Wyly had been found liable in a New York federal court for securities fraud, he should not get to keep such a high-priced abode away from claimants.
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