S.E.C. v. WYLY

No. 10 Civ. 5760 (SAS).

788 F.Supp.2d 92 (2011)

SECURITIES and EXCHANGE COMMISSION, Plaintiff, v. Samuel WYLY, Charles J. Wyly, Jr., Michael C. French, and Louis J. Schaufele III, Defendants.

United States District Court, S.D. New York.

March 31, 2011.


Attorney(s) appearing for the Case

Alan M. Lieberman, Esq., Gregory Nelson Miller, Esq., Cheryl J. Scarboro, Esq., John David Worland, Jr., Esq., Martin Louis Zerwitz, Esq., United States Securities and Exchange Commission, Washington, DC, for the SEC.

William Andrew Brewer, III, Esq., Michael J. Collins, Esq., James S. Renard, Esq., Michael L. Smith, Esq., Bickel & Brewer, Dallas, TX, Martin Robert Pollner, Esq., John Anthony Piskora, Esq., Loeb & Loeb, LLP, New York, NY, for Samuel E. Wyly and Charles J. Wyly, Jr.

Martin Joel Auerbach, Esq., Laura Elizabeth Neish, Esq., Zuckerman Spaeder, LLP, New York, NY, Luke Madole, Esq., Todd Murray, Esq., Carrington, Coleman, Sloman & Blumenthal, LLP, Dallas, TX, for Louis J. Schaufele, III.

Danny S. Ashby, Esq., Robert E. Davis, Esq., Barrett R. Howell, Esq., Casey P. Kaplan, Esq., K & L Gates, LLP, Dallas, TX, Laura A Brevetti, Esq., K & L Gates, LLP, New York, NY, for Michael C. French.


OPINION AND ORDER

SHIRA A. SCHEINDLIN, District Judge.

I. INTRODUCTION

On July 29, 2010, following a six-year investigation into matters spanning almost two decades, the Securities and Exchange Commission ("SEC") filed this suit alleging thirteen Claims for securities violations by billionaire brothers Samuel Wyly and Charles J. Wyly (together, the "Wylys"), their attorney Michael C. French ("French"), and their stockbroker Louis J. Schaufele...

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