Oct
02

Texas Businessman Agrees to Pay $198.1 Million in Fraud Case

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Sam Wyly, a Texas businessman, leaving federal court in Manhattan in 2014. CreditLucas Jackson/Reuters

A Texas businessman, Sam Wyly, has agreed to pay $198.1 million to resolve claims by federal securities regulators that he engaged in a long-running securities fraud to hide trades in companies he controlled using offshore trusts, according to a court filing.

Mr. Wyly is also in talks to resolve tax claims by the Internal Revenue Service after he was ordered to pay $1.11 billion, the papers filed on Friday by the Securities and Exchange Commission in federal court in Manhattan show…

Texas Businessman Agrees to Pay $198.1 Million in Fraud Case

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