U.S. securities regulators said yesterday that they want the executor of Charles Wyly's estate held in contempt for failing to pay the $101.2 million owed as a result of the late Texas businessman's fraud, Reuters reported. In a letter filed in Manhattan federal court, the U.S. Securities and Exchange Commission said that Donald Miller, Charles Wyly's son-in-law, had taken no steps in his role as executor to pay the sum after being ordered to do so in February 2015. The SEC said that the estate had failed to seek a stay of the judgment pending appeals by it and former billionaire Sam Wyly, Charles Wyly's brother, of a federal jury's verdict two years ago finding them liable for securities fraud. The commission asked U.S. District Judge Paul Oetken to order Miller to demonstrate why the estate could not pay the sum, and to hold him in contempt if he failed to do so. Read more.
For a further analysis of commercial fraud, make sure to pick up a copy of ABI’s Fraud and Forensics: Piercing Through the Deception in a Commercial Fraud Case.
