The U.S. and Securities Exchange Commission on Tuesday added more than a dozen relatives of Texas businessmen Sam and Charles Wyly to a long-running securities fraud lawsuit against the brothers to bolster its efforts to collect some $300 million.
The amended complaint filed in New York federal court included the relatives as "relief defendants," which means they are not accused of wrongdoing but can be subject to civil claims.
The filing was expected, as the SEC and the relatives continue to dispute whether hundreds of millions of dollars held in offshore trusts should be subject to collection.
U.S. District Judge Shira Scheindlin has said she will order the Wyly brothers' assets frozen at the SEC's request, including money previously transferred from the trusts to various relatives, despite objections from the family members.
The relatives include Charles Wyly's widow, Caroline Wyly; Sam's wife, Cheryl Wyly; and Sam's son, Evan Wyly.
The amended complaint is intended to ensure that Scheindlin can legally extend the asset freeze to money and property they hold, though the SEC had argued it was not necessary.
The lawsuit seeks a final judgment requiring the relatives to disgorge any assets derived from the Wylys' fraud.
Lawyers for the various relatives either declined to comment or did not immediately respond to requests for comment. In court filings, they have objected to the proposed asset freeze.
Last month, Scheindlin ordered Sam Wyly and the estate of his late brother Charles to pay $187.7 million plus interest for their role in a fraudulent scheme.
The SEC has calculated the total figure at just under $300 million, one of the largest judgments ever issued against individual defendants.
The SEC has accused the brothers of constructing a complex system of trusts in the Isle of Man that netted them about $550 million in undisclosed profits through more than a decade of hidden trades in four companies they controlled.
Those companies included Sterling Software Inc, Michaels Stores Inc [MSII.UL], Sterling Commerce Inc and Scottish Annuity & Life Holdings Ltd, now Scottish Re Group Ltd.
Scheindlin's order followed a jury verdict in May that found the brothers liable for fraud. Charles Wyly died in a 2011 car crash, and his estate had been substituted as a defendant.
Last week, Sam Wyly filed for bankruptcy in Dallas, saying he cannot afford to pay the SEC's claim as well as a potential claim from the Internal Revenue Services, which has opened an audit of his finances.
Caroline Wyly, Charles' widow, also filed for bankruptcy last week.
The case is U.S. Securities and Exchange Commission v. Wyly et al, U.S. District Court, Southern District of New York, 10-5760.
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