Securities Law Updates | New Releases/No Action Letters
August 20, 2010
SEC Charges Two Former Public Company Chairmen, Their Lawyer and Their Stockbroker in Fraudulent Scheme
Securities and Exchange Commission v. Samuel E. Wyly, et al.
Civil Action No.10-CV-5760 (SAS) (S.D.N.Y.), Release No. 21607, 7/29/2010
The Securities and Exchange Commission (“SEC,” or “Commission”) has alleged in a civil enforcement action that Samuel E. Wyly and his brother, Charles J. Wyly, Jr. (hereinafter the “Wylys”), engaged in a 13-year fraudulent scheme to hold and trade tens of millions of securities of public companies while they were members of the boards of directors of those companies, without disclosing their ownership and their trading of those securities.
According to the complaint, the Wylys’ scheme defrauded the investing public by materially misrepresenting the Wylys’ ownership and trading of the securities at issue while enabling the Wylys to realize hundreds…
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