Former Billionaire Wyly Sued by Ex-Wife Over Stock Holdings

(Bloomberg) — Former billionaire Samuel Wyly was sued by his ex-wife over claims he hid stock in companies he controlled during their 1991 divorce.

Wyly, who helped build companies including arts-and-crafts retailer Michaels Stores Inc., filed for Chapter 11 protection last year after losing a fraud suit to the U.S. Securities and Exchange Commission. During the SEC trial, the U.S. alleged Sam Wyly and his brother Charles hid a bulk of their holdings offshore.

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