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Samuel Wyly in Bankruptcy Facing $400 Million Forfeiture

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Samuel 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, 80, listed assets and debt of $100 million to $500 million each in a Chapter 11 petition yesterday in U.S. Bankruptcy Court in Dallas, where he lives. The technology and retail entrepreneur blamed “massive costs” from a U.S. Securities and Exchange Commission probe and litigation.