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 Innocent Billionaire Brothers Accused of Fraud by SEC

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Innocent Billionaire Brothers Accused of Fraud by SEC Vide
PostSubject: Innocent Billionaire Brothers Accused of Fraud by SEC   Innocent Billionaire Brothers Accused of Fraud by SEC Icon_minitimeSat Jul 31, 2010 7:48 am
A pair of billionaire brothers from Dallas has landed in very hot water with the Securities and Exchange Commission—which alleges they pocketed $550 million in profits from a fraud scheme over the course of 13 years.

The SEC filed a lawsuit Thursday against Sam and Charles Wyly, claiming the brothers defrauded investors by complicated trading schemes in which they bought and sold shares of companies on whose boards they sat.

SEC lawyers allege in their complaint that the brothers used offshore accounts to facilitate a scheme to profit from insider knowledge. The SEC claims in its complaint: “ The apparatus of the fraud was an elaborate sham system oftrusts and subsidiary companies located in the Isle of Man and the Cayman Islands created by and at the direction of the Wylys. The Offshore System enabled the Wylys to hide their ownership and control of the Issuers' securities (hereinafter "Issuer Securities") through trust agreements that purported to vest complete discretion and control in the offshore trustees. In actual fact and practice, the Wylys never relinquished their control over the Issuer Securities and continued throughout the relevant time period to vote and trade these securities at their sole discretion. “

Companies involved in the alleged scheme included Sterling Software, Inc.—which the brothers founded; Michaels Stores, Inc.; Scottish Annuity & Life Holdings Ltd. (now known as Scottish Re Group Limited) ("Scottish Re"); and Sterling Commerce, Inc.

The Wylys said through an attorney that the charges are “without merit,” the New York Times reports.

The brothers may not be as famous as some other Texas billionaires. But they’re extremely well-known if you happen to be a conservative looking for money.

http://www.portfolio.com/views/blogs/daily-brief/2010/07/30/dallas-billionaire-brothers-wily-accused-of-fraud-by-sec
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