Texas billionaire Sam Wyly needs to write a sequel to his self-congratulatory memoir 1000 Dollars and an Idea. Mr. Wyly and his brother Charles have been charged with 13 years of securities fraud yielding $550 million in illegal gains. The Wyly brothers stashed their loot offshore in the Cayman Islands and Isle of Man. Now that’s a story.
The Wylys used their money to buy art, Aspen real estate and stealthy support for conservative Republicans.
More:
“SEC Charges Corporate Insider Brothers With Fraud,” SEC press release.
“SEC Charges Two Former Public Company Chairmen, Their Lawyer and Their Stockbroker in Fraudulent Scheme,” U.S. Securities and Exchange Commission Litigation Release No. 21607.
SEC Complaint.
Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com
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Tags: 527 groups, business, Charles Wyly, Crime, Dallas, finance, fraud, GOP, Republicans, Sam Wyly, Samuel Wyly, SEC, Texas, Wyly
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