A Manhattan federal judge ordered Samuel Wyly to pay the U.S. Securities and Exchange Commission $198.1 million for violating securities laws, while saying that the estate of his deceased brother is liable for $101.2 million more, Bloomberg News reported on Friday. The judgment is the culmination of a lawsuit begun in 2010 against the brothers, who helped build companies including arts-and-crafts retailer Michaels Stores Inc. The SEC accused them of improperly using offshore trusts to trade in securities of four companies on whose boards they sat. A jury found against the Wylys in May. U.S. District Judge Shira Scheindlin in Manhattan fixed damages in September and December. She entered the final judgment on Thursday, opening the way for any appeals. The Wylys can try to have the verdict thrown out or the damages reduced, while the SEC can seek more money.
