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SEC Accuses Sam And Charles Wyly, Billionaire Dallas Investors, Of Insider Trading Yielding $550 MIL

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posted on Jul, 31 2010 @ 11:17 AM
Huffington Post

In a 78-page complaint filed in a Manhattan federal court in New York, the SEC said the Wylys held and traded tens of millions of shares in companies on whose boards they served and "defrauded the investing public" by misrepresenting their ownership and trading of those stocks.

Using this offshore system, the Wylys were able to sell stock worth more than $750 million in four public companies where they served as corporate directors. They also committed an insider trading violation at one of the companies that resulted in an unlawful gain of over $31.7 million, according to the complaint.

To make this a little more interesting, here's this:

In March, Forbes magazine estimated Sam Wyly's net worth at $1 billion. He has given generously to Republican causes and candidates, including the Swift Boat campaign that helped re-elect President George W. Bush in 2004 by tarring his Democratic opponent, Sen. John Kerry

We shall see what happens but it's just another story of guys in high positions using those positions to make a load of money. Just another reason why I hate the stock market and how our money is manipulated. These guys made almost 32 mil in one shot. Please, tell me how the stock market is a worthwhile institution to keep around as I don't see it.

It's from the Huff Post, so I hope they checked their sources. As they only exist to rip Repubs I hope they got it right.

posted on Jul, 31 2010 @ 11:31 AM
Anti-American,(Dictator wannabe)Marxist, MoveOn's -Geroge Soros is a felon criminal charged with inside trading...Look where he is today.
Trying to kill the system that made him a billionaire!

And the Huffington Post is one of his biggest worshippers.

posted on Jul, 31 2010 @ 11:48 AM
I seriously doubt they ever see the
inside of a prison cell for this.
Congress is probably patting them
on the back right about now
and having a brew down at the
country club.

posted on Jul, 31 2010 @ 12:18 PM
reply to post by boondock-saint

Since we can't even put Warren Jeffs away I doubt these guys will do much time, if any. Different cases and circumstances, I know, but the law still sucks.

It's not there for "We The People", it's there for the big guys.

posted on Jul, 31 2010 @ 01:28 PM
How is it that people can actually invest money with these people then act surprised when it's stolen? With a name like Madoff (Made Off), now we've got the Wyly Brothers for chrissake!!?

What's the next biggest hedgefund out there.. Takja, Muny and Run?

posted on Jul, 31 2010 @ 02:15 PM
the SEC is a joke.
our gov is proving itself to be an even bigger joke.
reality is that this whole system is infested with crooks and liars incapable of doing their jobs (or so they pretend to fail).

at some point, shouldn't we take away their power and give it to others that will do the job properly? i mean to say, in the real world of the "commoners" if we do not perform well at your job aren't we replaced by someone who can? what's so special about the trash infesting our nation's capitol?

posted on Jul, 31 2010 @ 02:56 PM
reply to post by normal_human_being

What's so special about the trash infesting our nation's capitol?

Nothing. They are vermin that need to be "exterminated".

Just for the record, I am not advocating killing anyone of them. That is too easy and they deserve to suffer as much as any criminal does, if not more.

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