SEC Brings Civil Fraud Charges Against Wyly Brothers

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Monday, November 1, 2010
Author: 
Glen Godrey
Volume: 
26
Issue: 
11
Abstract: 
On July 29, 2010, the Security and Exchange Commission (SEC or the Commission) filed civil charges against brothers Samuel E. Wyly and Charles J. Wyly Jr. The SEC alleges the Wyly brothers engaged in a 13-year long securities fraud to hide $550 million in trading profits. The charges are the result of a six year investigation into the Wylys by the Justice Department and the Internal Revenue Service...(more)...