{"id":1447,"date":"2014-05-14T17:16:01","date_gmt":"2014-05-14T17:16:01","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/05\/jury_says_wyly_brothers_from_t"},"modified":"2022-03-11T10:18:26","modified_gmt":"2022-03-11T16:18:26","slug":"jury-says-wyly-brothers-from-t","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/jury-says-wyly-brothers-from-t\/","title":{"rendered":"Jury Says Wyly Brothers From Texas Committed Fraud"},"content":{"rendered":"

\t\t\t\tA jury says that the wealthy Texas billionaire brothers Charles and Samuel Wyly committed fraud by setting up a secret scam using offshores trusts and making $550M in illegal trading profits. The Texas securities <\/a>ruling of liability is based on claims brought by the U.S. Securities and Exchange Commission.<\/p>\n

The civil trial occurred following years of probes and litigation by the SEC and others. While the Wylys (Charles died in a 2011 car crash) admitted to setting up trusts on the Isle of Man for tax benefits, asset protection, and estate planning, they have denied wrongdoing. The brothers maintained that they were under no obligation to disclose the trusts because legally they weren’t the beneficial owners of the securities in them. They said that they relied on an “army of lawyers” to make sure their activities were in compliance with the law. <\/p>\n

The SEC said the Wylys set up the trusts to hide trading that took place between 1992 and 2004 in four companies. The brothers were the boards of these four entities. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

A jury says that the wealthy Texas billionaire brothers Charles and Samuel Wyly committed fraud by setting up a secret scam using offshores trusts and making $550M in illegal trading profits. The Texas securities ruling of liability is based on claims brought by the U.S. Securities and Exchange Commission. The civil trial occurred following years […]<\/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":[3811,3750],"tags":[],"class_list":["post-1447","post","type-post","status-publish","format-standard","hentry","category-insider-trading","category-texas-securities-fraud"],"yoast_head":"\nJury Says Wyly Brothers From Texas Committed Fraud — Investor Lawyers Blog — May 14, 2014<\/title>\n<meta name=\"description\" content=\"A jury says that the wealthy Texas billionaire brothers Charles and Samuel Wyly committed fraud by setting up a secret scam using offshores trusts and — May 14, 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\/jury-says-wyly-brothers-from-t\/\" 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