You may Loose it all.

Texas tycoon Samuel Wyly [Worth a Billion Dollars] has filed for bankruptcy, saying he does not have the assets to pay the nearly $300 million that U.S. regulators are demanding for his role in a fraudulent offshore scheme.

Last month, U.S. District Judge Shira Scheindlin in New York ordered Wyly and the estate of his late brother Charles to pay damages plus interest to the SEC, after a jury found them liable for fraud in May.

In documents filed with a U.S. bankruptcy court in Dallas, Wyly said he had between $100 million and $500 million of both assets and liabilities. 

But lawyers for the SEC have said in court documents that the Wylys' offshore trusts still hold hundreds of millions of dollars in assets. The SEC accused the brothers of constructing a complex system of trusts in the Isle of Man that netted them $553 million in untaxed profits through more than a decade of hidden trades in four companies they controlled.  Nothing is new.

Just a thought.