Just eight days after filing for bankruptcy, former Billionaire Sam Wyly sold $320,000 worth of art at Christie’s auction house. His lawyer said the timing of the sale was inadvertent, but lawyers for the Security Exchange Commission, who successfully convicted the Dallas man for trading stocks held in offshore accounts for 13 years and reaping at least $550 million in illegal profits, say the sale of the art is evidence that Wyly is trying to liquidate his assets. The SEC filed a letter in federal court today calling for a freeze in Wyly’s assets. The namesake of Dallas’ Wyly Theater is on the hook to pay back the feds something in the $187.7 million range.
Joseph Guinto went in depth on the Wyly case back in 2013, and followed-up on the fallout from the trial back in May. Just last week, Wyly was making headlines again for trying to get a judge to loosen up his court-ordered budget of $10,000 per month. Of course, after hearing about the art sale, my first thought was, “What kind of art did Sam Wyly collect?”Full Story