Wylys Must Pay More than $300M in SEC Case. In May, a jury found that brothers Sam and Charles Wyly, founders of Irving-based Michaels Stores Inc., were guilty of fraud. They were found to have hidden their holdings in offshore trusts and to have engaged in illegal trading. On Thursday, a federal judge ruled that Sam and the estate of Charles (who died in 2011) must pay $187.7 plus interest, which could bring their total obligation to between $300 million and $400 million. The Wylys had argued their total net worth is only $119 million and that any punishment greater than that amount would bankrupt them. Tough, said the judge.
Need to Borrow Millions? Gov. Perry Can Help. You don’t even need to ask. The Texas Enterprise Fund, which the governor’s office oversees, even awarded $170 million to recipients who never officially applied for it. That’s just one of a number of troubling findings in a state audit report released Thursday.
UT Dallas Repaid State $4.3 Million. The university’s calculation error related to employee benefits is similar to the same one recently discovered at UNT, which has to repay almost $76 million. Maybe the Texas Enterprise Fund can help them out?
Enterovirus-D68 Cases Confirmed in Dallas County. Ten cases of the respiratory illness have been detected in children, which has symptoms much like those of the flu or a cold. Wash your hands regularly. Hand sanitizer is powerless against it, apparently.Full Story