Billionaire Brothers (Repuglican) Samuel and Charles Wyly Charged With $550 Million Fraud

http://www.dailyfinance.com/story/taxes/billionaire-brothers-samuel-charles-wyly-charged-fraud-scam-sec/19574736/?icid=main|main|dl1|link3|http%3A%2F%2Fwww.dailyfinance.com%2Fstory%2Ftaxes%2Fbillionaire-brothers-samuel-charles-wyly-charged-fraud-scam-sec%2F19574736%2F

Billionaire Brothers Samuel and Charles Wyly Charged With $550 Million Fraud


Billionaire brothers Samuel Wyly (pictured) and Charles Wyly were charged Thursday by the Securities & Exchange Commission with orchestrating a 13-year-long securities fraud that reaped them $550 million in undisclosed gains that were hidden in a series of transactions in the Isle of Man and the Cayman Islands tax havens....

...The Texas businessmen are hardly the only billionaires caught in the regulatory cross hairs at the moment. As Forbes notes, R. Allen Stanford, a fellow Texan, faces charges that he defrauded investors. Insider-trading charges against another Lone Star state resident, Dallas Mavericks owner and HDNet Chairman Mark Cuban, were dismissed last year.


The conservative Wylys are also active politically. In 2000, a Samuel Wyly-backed group paid for ads praising the environmental record of George W. Bush during his campaign for the Republican presidential nomination. His memoir, 1,000 Dollars and an Idea: Entrepreneur to Billionaire, was praised for offering a candid look at his rise from from the Texas cotton fields during the Depression to becoming a entrepreneur and environmentalist.

The book's website says it "describes how his character was shaped, making him the spiritual, optimistic and determined man and entrepreneur he is today."

If the two are found to have cheated investors, the financial fallout could affect politics!

http://news.yahoo.com/s/ap/20100731/ap_on_bi_ge/us_wyly_brothers_insider_trading

http://www.slate.com/id/2262366/


Nice