Pursuits
Ex-Billionaire Wyly Targeted by SEC Over Colorado Ranch Sale
This article is for subscribers only.
Bankrupt ex-billionaire Samuel Wyly was accused by regulators of hiding the ownership of a luxury Colorado ranch in a possible bid to avoid paying creditors as much as $50 million in future sale proceeds.
Wyly’s proposed plan to sell the 244-acre property -- the site of several mansions used by him and his children -- risks moving cash offshore before debts are paid, the Securities and Exchange Commission said in a filing Thursday in federal bankruptcy court in Dallas.