SEC accuses Dallas investors of insider trading (major GOP fundraisers)

[kpete]

Source: Talking Points Memo



SEC accuses Dallas investors of insider trading

SEC accuses Dallas investors Sam and Charles Wyly, attorney, stockbroker of insider trading

TERRY WALLACE
AP News

Jul 29, 2010 20:02 EDT

Famed Dallas billionaire investors Sam and Charles Wyly made $550 million in undisclosed profits through 13 years of insider trading in the shares of companies on whose boards they served, 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 securities in the companies and "defrauded the investing public" by misrepresenting the Wylys' ownership and trading of those shares.

"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.

Read more: http://www.talkingpointsmemo.com/news/2010/07/sec_charges_wyly_bros_of_insider_trading.php?ref=fpblg

[young_at_heart]

1. Greed and more greed!

The homeless children don't bother them a bit.

[No Elephants]

2. Jail their Swiftboating asses!!!!11111!!!!

[activa8tr]

3. This should be BIG NEWS, as far as I am concerned...shed some light

on these greedy swift boaters.

[The Backlash Cometh]

4. Now that's what I'm talking about.

You aren't even going to touch the cycle of abuse until you inconvenience the crooked campaign donors.

[MrsBrady]

5. this could get interesting for Dallas...they give LOTS of money around here.

the fact is...these guys are VERY respected.
Charles and his wife have a new freaking theater named after them, that they gave the money for!!

I don't "know" them. But I've met Charles many times. "Hi, nice to see you again," and shake his hand. That's about all I know of him, personally.
However, I do have friends that know him well. I think I should make a few calls.


These guys have given money to charities all over town and I'm guessing (assuming) probably the world.

I'd be interested to see if any of the organizations where they've received money give it back or act like nothing is happening.


search for Wyly on each page...wouldn't take much to do your own search for more...but here's a few that I knew of on my own...

http://www.attpac.org/thevenues/deecharleswylytheatre.aspx

million dollars a piece here:
http://www.attpac.org/support/donors/milliondollardonors.aspx

click on sponsors:
http://www.toyscapes.org/cityscape-dallas/

Chair at UT Dallas
http://www.utdallas.edu/news/archive/2004/wylyendowment.htm

[El Supremo]

7. I met Sam Wyly back in about 1968.

When he was running UCC. He was so the darling of the techies of that day. Too bad his politics are so screwed up.

[CanonRay]

6. Sounds like they need a tax break!

You know, so they can generate some more jobs.

[Greyhound]

8. kpete, I hope you will help follow up on this as it develops. K&R.

I'm guessing they will be given an opportunity to buy their way out of this with a nominal "fine" (1% - 5% of what they stole).

:toast: Hoping I'm wrong.

[Vinca]

9. They'll get a slap on the wrist, a fine that is piddling by their standards

and go their merry way. Meanwhile, shoplift a gallon milk for your child and you go straight to jail.