The U.S. Securities and Exchange Commission has demanded an admission of wrongdoing from Texas investor Samuel Wyly, as part of an ongoing policy shift from allowing defendants to settle lawsuits without acknowledging the charges against them.
Details of the settlement talks with Wyly emerged at a federal court hearing in New York last week, when SEC lawyer Gregory Miller told the judge that “we’re just not going to settle unless there’s admissions by the defendant.”
via SEC targets Sam Wyly in pursuit of admissions of wrongdoing – Reuters
