Securities and Exchange Commission v. Wyly et al

  1. May 12, 2014

    SEC Wins Big As Wyly Brothers Found Liable In $550M Trial

    A New York federal jury on Monday found former Michael’s Stores Inc. chairman Sam Wyly and the estate of his late brother Charles Wyly Jr. liable for fraud in a $550 million U.S. Securities and Exchange Commission case, handing the government a clear victory after a number of high-profile losses.

  2. May 07, 2014

    Wyly Atty Questions 'Fuzzy' SEC Rules As $550M Trial Wraps

    The U.S. Securities and Exchange Commission substituted "fuzzy" laws for hard evidence in its quest to hold wealthy Texas investor Sam Wyly and his late brother Charles Wyly Jr. liable for an alleged $550 million trading fraud, a defense attorney told jurors Wednesday at the close of trial.

  3. May 06, 2014

    SEC Says Wylys Ran 'Scheme Of Secrecy' As Trial Nears End

    Texas tycoon Sam Wyly and his late brother Charles Wyly Jr. used offshore trusts to reap $500 million in trading profits during a 13-year-long "scheme of secrecy," a U.S. Securities Exchange Commission lawyer told jurors Tuesday, as a federal trial neared its conclusion.

  4. April 30, 2014

    Wyly Says SEC Star Witness Made 'Deal With The Devil'

    Texas tycoon Sam Wyly on Wednesday accused his former attorney Mike French of making a "deal with the devil" by agreeing to testify against him in a $550 million U.S. Securities and Exchange Commission fraud trial.

  5. April 29, 2014

    On SEC Hot Seat, Wyly Insists He 'Played By The Rules'

    Former Michaels Stores Inc. chairman Sam Wyly, on trial for allegedly earning $550 million through secret offshore stock deals, told a U.S. Securities and Exchange Commission lawyer on Tuesday that he "played by the rules" during a decades-long career in corporate America.

  6. April 23, 2014

    Wyly Admits 'Trouble Remembering Things' In SEC Testimony

    Texas tycoon Sam Wyly struggled on Wednesday on the witness stand in a New York court during a $550 million stock fraud trial, admitting that he sometimes confused two software companies for which he served as a top executive and that he once made an incorrect statement under oath about a key transaction in the case.

  7. April 22, 2014

    Sam Wyly Defends Use Of Offshore Trusts At SEC Trial

    Billionaire investor Sam Wyly on Tuesday defended his use of offshore trusts that the government claims were used to pull off a $550 million fraud, but told a New York jury he regrets not demanding his subordinates disclose to U.S. securities regulators every transaction involving those trusts.

  8. April 07, 2014

    Jury Told Wyly Bros. Behind Offshore Trades In $550M Fraud

    Wealthy Texas investor Samuel Wyly and his late brother, Charles Wyly Jr., had indirect control over investments made by offshore trusts at the center of an alleged $550 million fraud, jurors heard Monday in a New York federal trial.

  9. April 03, 2014

    Wyly Brothers Accused Of $550M Fraud As SEC Trial Opens

    Billionaire Texas investor Samuel Wyly and his late brother Charles Wyly Jr. used offshore trusts to dodge federal securities laws as part of a $550 million fraud scheme, a U.S. Securities and Exchange Commission attorney said Thursday to kick off a New York trial.

  10. March 28, 2014

    Wyly Trial To Shine Spotlight On SEC Guilt Admission Push

    An upcoming insider trading trial against Texas investor Samuel Wyly and his late brother Charles Wyly Jr. could be just the first in a long line of legal battles for the U.S. Securities and Exchange Commission should it continue a risky new policy of refusing to settle with defendants who won't admit wrongdoing, according to experts.