SEC Accuses Wyly brothers of Insider Trading Yielding $550 MIL

Just to remind DUers who the Wylys are


Hope those assholes go to jail!

:woohoo::woohoo::woohoo:

The charges are civil in nature? Why isn't this criminal like Bernie Madoff charges? They sent Martha Stewart to jail for insider trading but they won't go after the Wyle coyote brothers? :wtf:

:mad:

The local Dallas media (WFAA) is covering this ... well, not so much "covering" it as glossing over most of the details.

How come no one is asking for their hides on these scams? Why is this any different than what Madoff or Martha Stewart did. She did some insider trading and they sent her to jail. Madoff may have bilked more money from more people but no doubt he's in jail.

So why to the Wyle coyete brothers get to skate on criminal charges?

They're going to pay a fine and big whooping deal. It will be pocket change to them and it won't stop them from doing it again.

:grr:

:dem:

along with Perry. I hope this story gets a lot of coverage.

uly 30, 2010
Sam and Charles Wyly, Dallas billionaire investors known for their support of conservative candidates and causes, made $550 million in undisclosed profits through 13 years of insider trading, according to a Securities and Exchange Commission lawsuit filed Thursday.

In a 78-page complaint filed in a Manhattan federal court in New York, the SEC said the Wylys held and traded tens of millions of shares in companies on whose boards they served and "defrauded the investing public" by misrepresenting their ownership and trading of those stocks.

"The apparatus of the fraud was an elaborate sham system of trusts and subsidiary companies located in the Isle of Man and the Cayman Islands ... created by and at the direction of the Wylys," the SEC complaint stated.
>>>>>>>

In March, Forbes magazine estimated Sam Wyly's net worth at $1 billion. He has given generously to Republican causes and candidates, including the Swift Boat campaign that helped re-elect President George W. Bush in 2004 by tarring his Democratic opponent, Sen. John Kerry.>>>>>

http://www.npr.org/templates/story/story.php?storyId=128869136&sc=nl&cc=nh-20100730

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NRCC must give back tainted Wyly funds
Canseco should demand that Pete Sessions come
clean on corrupt Wyly connection

Public documents reveal that the National Republican Congressional Committee (NRCC), headed by Pete Sessions, has taken at least $124,000 from recently charged insider traders Sam and Charles Wyly. The Wyly brothers, “hid $550 million in trading profits by using an ‘elaborate sham system’ of offshore entities,” according to the Securities and Exchange Commission. (Source: Wall Street Journal, July 30, 2010)

Meanwhile, the NRCC has instructed Republican candidates to attack their opponents regarding Charlie Rangel’s ethics controversy.

The NRCC must return the tainted donations received from the corrupt Wyly brothers or be exposed as hypocrites. Congressional candidates like Quico Canseco who have cynically used Rangel to attack their opponents, should immediately demand that Pete Sessions disclose all connections to the Wyly brothers and return the contributions to the NRCC. If Sessions refuses, then Canseco should reject any support from the NRCC.

NRCC Takes Big Donations from Charged Wyly Brothers


Donations from
Sam and Charles Wyly
Donations to the NRCC $124,000
Donations to Pete Sessions $29,000

Source: Center for Responsive Politics


The Wyly brothers have been large supporters of the NRCC, Pete Sessions, and Republican Causes throughout Texas. Sam and Charles Wyly have given $124,000 to the NRCC and at least $29,000 to Sessions. Pete Sessions is the second largest recipient of the Wyly’s donations after Republican Kay Bailey Hutchison.

NRCC and Canseco are Cynical Hypocrites
The NRCC recently issued 40 letters to Democrats insisting they return Rangel’s donations. (Source: NY Times, July 27, 2010) Congressional candidate Quico Canseco echoed the NRCC call to use Rangel as an issue in his campaign. On Monday, the same day as the NRCC release, Canseco issued his own Rangel attacks. In fact, Canseco sent out an email today using Rangel as a hook to raise funds. Now Canseco must call on the NRCC to return the money and the NRCC should comply or both will look like hypocrites.

Pete Sessions has hosted a fundraiser for Canseco and donated $5,000 to his campaign. The NRCC is likely to spend resources in the district. (Source: FEC)

Comments from Lone Star Project Director Matt Angle:
Instead of taking advice and direction from Pete Sessions and the National Republican Party, Canseco should demand that the NRCC give back the thousands of dollars in dirty money received from the Wyly brothers.

Canseco comes from the same special interest culture as the Wyly brothers. It's not surprising that he thinks it's OK for inside traders and corrupt businessmen to fund their party.

July 30, 2010
Contact: Matt Angle
(202) 547-7610 - Fax (202) 547- 8258

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Telling it like it is - with facts!

:applause:

To make things clear, the positive sounding name of "Texas Business for Clean Air PAC" is just a sham for just the opposite of what it sounds like. Typical Karl Rove type of branding. Texas Clean Air PAC is just a front for the nuclear power industry.

Sam Wyle also was part founder of "Republicans for Clean Air". Yeah right - who is going to believe that statement! That one was set up to help G.W. beat McCain in the 2000 Presidential primary.

:puke:

Charles Wyly Jr. and Samuel Wyly of Dallas, charged by the Securities and Exchange Commission with massive securities fraud, have bankrolled a host of Republican candidates, as well as national and state party committees.

But a day after the charges broke, hardly any of the Wylys' top political beneficiaries were talking: Only the office of Sen. Kay Baily Hutchison (R-Texas) even returned phone requests by OpenSecrets Blog for comment among the eight active politicians and three national party committees receiving more than $10,000.

Those on the no-talk list include representatives from the Republican National Committee, National Republican Congressional Committee and National Republican Senatorial Committee. Together, these committees have received more than $1.7 million in contributions from the Wylys and their wives since the 1990 election cycle.

Also not talking: Rep. Pete Sessions, Rep. Lamar Smith, Rep. Jeb Hensarling, Rep. Joe Barton, Rep. Kay Granger and Rep. Sam Johnson -- all congressmen representing Texas districts. Each received between $10,000 and $30,000 from the Wylys and their wives during the past two decades.
>>>>>>>

http://www.opensecrets.org/news/2010/07/republicans-from-texas-wylys-home-s.html

So of course they're not talking. :eyes: