Samuel Wyly seeks to throw out SEC’s insider-trading case

Relying in part on a new U.S. Supreme Court decision, the wealthy Texas investor Samuel Wyly on Wednesday asked a federal judge to dismiss a U.S. Securities and Exchange Commission lawsuit accusing him and his late brother, Charles, of running a $550 million securities fraud and committing insider trading….

Wyly also argued that a Feb. 27 Supreme Court decision showed that the SEC waited too long to sue him for civil penalties for the alleged insider trading.

via Samuel Wyly seeks to throw out SEC’s insider-trading case — Reuters