Don't charge me Bro!: The SEC charges the Wyly brothers with fraud

Discussion in 'Wall St. News' started by Pekelo, Jul 29, 2010.

  1. Pekelo


    This is a movie waiting to happen...

    "Sam and Charles Wyly, billionaire Texas brothers who gained prominence spending millions of dollars on conservative political causes, committed fraud by using secret overseas accounts to generate more than $550 million in profit through illegal stock trades, the Securities and Exchange Commission charged Thursday."

    "According to the SEC, the brothers, who live in Dallas, created an elaborate and clandestine network of accounts and companies in the Isle of Man and the Cayman Islands. The brothers then used these accounts and companies to trade more than $750 million of stock in four public companies on whose boards they served, not filing the disclosures required for corporate insiders.

    In one case, the SEC alleges that the Wylys traded based on insider information they learned as board members, netting a profit of $32 million.

    "The cloak of secrecy has been lifted from the complex web of foreign structures used by the Wylys to evade the securities laws," Lorin L. Reisner, deputy director of SEC enforcement, said Thursday in a statement announcing the civil charges.

    The agency is seeking unspecified financial penalties and a variety of other sanctions, including barring the Wylys from serving as directors or top executives of public companies."
  2. I guess they didn't contribute to Obama or not enough anyway.
  3. Two new b*tches arriving in the Fed pen for big Tyrone to violate.......:D