A federal appeals court on Friday refused to lift an asset freeze against relatives of Texas entrepreneur Sam Wyly, who along with his late brother’s estate, faces a nearly $300 million judgment in a lawsuit by the U.S. Securities and Exchange Commission.
The three-judge panel of the 2nd U.S. Circuit Court of Appeals did, however, order a lower court to reconsider the freeze as to seven of the 16 relatives to ascertain whether they actually had received ill-gotten funds from the Wyly brothers.
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