Former billionaire entrepreneur Samuel Wyly is “stiffing” his creditors by attempting to shield $249 million in offshore annuities and a $12 million Texas mansion in his bankruptcy, federal regulators told a judge, Bloomberg News reported yesterday. “It is a request to enjoy a lifestyle of unfathomable wealth” while seeking the court’s protection from litigation, the U.S. Securities and Exchange Commission said in a filing yesterday in bankruptcy court. The SEC is seeking hundreds of millions of dollars from Wyly and the estate of his late brother Charles Wyly after they lost a fraud trial in Manhattan. The Internal Revenue Service is seeking $2 billion in the same case.
