Billionaire Wyly Brothers Charged with Fraud

Move over, Ivan Boesky. After a long investigation, the Security and Exchange Commission charged the politically active Samuel Wyly and Charles Wyly with secretly trading shares of public companies whose boards they sat on. According to the SEC, the Dallas-based brothers used a series of accounts and companies based in the Isle of Man and the Cayman Islands to secretly trade over $750 million in stock, netting themselves $550 million, including $32 million in one insider trading violation. The Wyly brothers have a history of exercising their hefty financial clout in politics, donating millions to various Republican causes over the years. The Wylys’ attorney and stockbroker are also under investigation.