{"id":1427,"date":"2014-04-02T19:08:30","date_gmt":"2014-04-02T19:08:30","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/04\/550m_securities_fraud_case_bet"},"modified":"2022-03-11T09:18:43","modified_gmt":"2022-03-11T15:18:43","slug":"550m-securities-fraud-case-bet","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/550m-securities-fraud-case-bet\/","title":{"rendered":"$550M Securities Fraud Case Between Texas\u2019 Wyly Brothers &#038; SEC Goes to Trial"},"content":{"rendered":"<p>The civil trial is underway between the Securities and Exchange Commission and brothers Sam and Charles Wyly (The latter is deceased after he died in a car crash in 2011). The regulator is accusing the Texas siblings of using offshore trusts to hide over $750M of stock sales in companies in which they are board members and engaging in a <a href=\"https:\/\/texas.stockbroker-fraud.com\">$550M securities fraud<\/a>.<\/p>\n<p>In its <a href=\"https:\/\/texas.stockbroker-fraud.com\">Texas securities case<\/a>, the SEC claims that between 1992 and 2004 the Wylys concealed stock trading in Sterling Software Inc., Sterling Commerce. Inc., Michaels Stores Inc., and Scottish Annuity &amp; Life Holdings Ltd. by using entities and offshore trusts. The brothers also are accused of making $31.7 million in insider trading profits involving Sterling Software after the company was sold in 1999.<\/p>\n<p>At issue is whether the Wylys were in control of the offshore trusts and if so then they may have also violated US tax laws. That said, the statute of limitations for charges involving tax evasion is six years.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/550m-securities-fraud-case-bet\/\"  title=\"Continue Reading $550M Securities Fraud Case Between Texas\u2019 Wyly Brothers &#038; SEC Goes to Trial\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The civil trial is underway between the Securities and Exchange Commission and brothers Sam and Charles Wyly (The latter is deceased after he died in a car crash in 2011). The regulator is accusing the Texas siblings of using offshore trusts to hide over $750M of stock sales in companies in which they are board [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3750],"tags":[],"class_list":["post-1427","post","type-post","status-publish","format-standard","hentry","category-texas-securities-fraud"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>$550M Securities Fraud Case Between Wyly Brothers &amp; SEC Goes to Trial | SSEK Law<\/title>\n<meta name=\"description\" content=\"The civil trial is underway between the Securities and Exchange Commission and brothers Sam and Charles Wyly (The latter is deceased after he died in a &#8212; April 2, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/550m-securities-fraud-case-bet\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"$550M Securities Fraud Case Between Wyly Brothers &amp; 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April 2, 2014","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/550m-securities-fraud-case-bet\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/550m-securities-fraud-case-bet\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"$550M Securities Fraud Case Between Texas\u2019 Wyly Brothers &#038; SEC Goes to Trial","datePublished":"2014-04-02T19:08:30+00:00","dateModified":"2022-03-11T15:18:43+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/550m-securities-fraud-case-bet\/"},"wordCount":561,"articleSection":["Texas Securities Fraud"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/550m-securities-fraud-case-bet\/","url":"https:\/\/www.investorlawyers.com\/blog\/550m-securities-fraud-case-bet\/","name":"$550M Securities Fraud Case Between Wyly Brothers & SEC Goes to Trial | SSEK Law","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2014-04-02T19:08:30+00:00","dateModified":"2022-03-11T15:18:43+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"The civil trial is underway between the Securities and Exchange Commission and brothers Sam and Charles Wyly (The latter is deceased after he died in a &#8212; 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