Building on the SEC’s verdict against former billionaire Sam Wyly in an offshore stock-trading scheme, his ex-wife is suing for 50 percent of any stock he didn’t disclose during their 1991 divorce.
Torie Steele, formerly known as Victoria Lee Wyly, filed the suit in U.S. Bankruptcy Court in Dallas on Monday, Bloomberg News reported:
She claims the undeclared stock was hidden offshore or placed with other people to deceive the court. Steele asked for a new trial to determine what the stock’s worth.
Steele is also suing for unpaid support, claiming Wyly is using the bankruptcy proceeding as an excuse for not paying some $500,000 annually.
Wyly filed the Chapter 11 petition after a federal jury found for the SEC in the fraud case in May. Wyly and the estate of his late brother may owe as much as $400 million, Bloomberg reported.
Earlier this month, Wyly got the bankruptcy court’s approval to sell a bookstore in Aspen, Colorado, in order to raise money to pay the SEC. The cost: $5 million.
The bookstore is owned by Cheryl Wyly, Steele’s successor.