Regulators win civil case vs. Texas entrepreneurs

Published



NEW YORK (AP) — Two Texas brothers acted fraudulently by trying to hide assets they controlled in four public companies that were sold for billions of dollars, a jury determined Monday in a civil trial.

The Manhattan jury returned its verdict against 79-year-old Sam Wyly and the estate of his brother, Charles, whom the Securities and Exchange Commission had accused of earning more than $500 million illegally by using offshore accounts to trade securities.

Trusted reporting.Unlimited access.

Subscribe for full access to Washington Examiner coverage, expert political analysis, and subscriber-only journalism.

Get Unlimited Access

Already a member? Log in

Cancel anytime.