Each of the Wyly relatives is allowed $15,000 a month for living expenses and items such as education, taxes and legal fees, under the freeze order.
The appeals panel, which also included judges Jose Cabranes and Christopher Droney, is to issue a decision at a later date.
The bankruptcy case is In re Samuel E. Wyly, 14-bk-35043, U.S. Bankruptcy Court, Northern District of Texas (Dallas). The SEC lawsuit is SEC v. Wyly, 10-cv-05760, U.S. District Court, Southern District of New York (Manhattan).