U.S. SEC slams tycoon Wyly's bankruptcy budget as 'staggering'

Oct 22 (Reuters) - Texas tycoon Sam Wyly, who filed for bankruptcy this week, is trying to exhaust his fortune through exorbitant spending to impede the U.S. Securities and Exchange Commission's collection of a $198.1 million fraud claim against him, the regulator told a U.S. judge on Wednesday.