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SEC lawyer tells NY jury during closing argument that Texas businessman Sam Wyly lied on stand

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NEW YORK, N.Y. - A government lawyer has told jurors at a civil fraud trial in New York that a wealthy Texas man accused of earning more than a half billion dollars illegally lied when he testified on his own behalf.

Bridget Fitzpatrick, a lawyer for the Securities and Exchange Commission, made the assertion Tuesday during closing arguments in the trial of retired Dallas entrepreneur Sam Wyly.

She said Wyly lied "many, many times" as he testified about the dealings he and his brother had with four public companies they controlled. The government wants the jury to conclude they hid much of their interest in the companies, which eventually were sold for billions of dollars.

Sam Wyly says he acted properly.

Charles Wyly died in a car accident several years ago.

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