Of course he filed for bankruptcy! This is the guy who funded the Swift Boat Veterans attack on John Kerry. Karma’s a bitch, huh?
Oct. 20 (Bloomberg) — Sam Wyly, the U.S. businessman who may have to forfeit as much as $400 million after being found liable for using offshore trusts to hide stock holdings and make illegal trades, filed for bankruptcy.
Wyly, blaming “massive costs” from a U.S. Securities and Exchange Commission probe and litigation, yesterday listed assets and debt ranging from $100 million to $500 million each in a Chapter 11 petition in U.S. Bankruptcy Court in Dallas, where he lives.
The SEC, which sued Wyly in 2010, is Wyly’s second-biggest creditor, with a “disputed” claim of $198.1 million, according to the court papers. Wyly listed the Internal Revenue Service as his biggest creditor, saying the size of that debt, also disputed, is unknown.
Other debts include a $20,000 grant commitment to the Third Church of Christ, Scientist in Dallas and $383.20 in membership dues for the Dallas Country Club, Wyly said in his filing.