A U.S. judge said yesterday that she would order the assets of Texas entrepreneur Sam Wyly, who once made the Fortune 400 list, temporarily frozen since he filed for bankruptcy, Reuters reported yesterday. During a hearing in Manhattan, U.S. District Judge Shira Scheindlin said that she was "not very happy" about the bankruptcy filing, which came after she ordered him and the estate of his late brother Charles to pay $187.7 million plus interest for engaging in fraud. The judge said she would freeze the assets of Wyly and his brother's estate, as well as funds held in offshore trusts at the center of a lawsuit by the U.S. Securities and Exchange Commission. Judge Scheindlin also said that the freeze, which she still needs to sign, would restrict the Wylys' family members from transferring any assets they received or will receive from the defendants or the trusts.
