Wyly brothers’ family fights SEC asset freeze in $550 million fraud | Dallas Morning News

The Wyly brothers used gains from secret, illegal, offshore transactions “as their own personal piggybank,” the SEC had said ahead of a Wednesday appeals hearing in New York, where the family sought to lift a judge-imposed freeze on its assets.

U.S. District Judge Shira Scheindlin’s order against 16 people, including both men’s wives and 10 children, unfairly applies to “any asset that was acquired or commingled with funds received from the Wyly brothers at any time during the past 10 years,” the family said.

via Wyly brothers’ family fights SEC asset freeze in $550 million fraud | Dallas Morning News