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 stock holdings abroad to evade taxes. In 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 as of early November. According to Reuters, a lawyer for Samuel Wyly has said the SEC plans to increase its total demand to $455 million.
