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SEC Ready To Be Not Totally Unreasonable Re: Wylys, If It Has To

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Last week, Judge Shira Scheindlin made pretty clear that she doesn’t think it is reasonable to ascribe 13 years of stock appreciation to a couple of elderly men’s scheme to hide their trading in said stock, even if they were on the board of said stock’s company and even if a jury found them to be very bad men, indeed. So the SEC went back to the drawing board and is now willing to settle for half of it. No word as to whether it offered a “credible explanation” for the new math.

The Wylys received at least $600 million in untaxed dollars, spending about $85 million on real estate and $30 million on art and jewelry, Fitzpatrick said.

The Wylys took issue with those figures, arguing they should be “far smaller than what the SEC claims” and urging the judge to “deny all of the SEC’s requested relief.”

SEC Cuts Wylys’ Damages Demand by Half to $750 Million [Bloomberg]


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