cayman islands

Texas Billionaires, Major GOP Donors, Charged With 'Insider' Stock Fraud

The Securities and Exchange Commission has charged Dallas billionaires Sam and Charles Wyly -- generous donors to conservative causes -- with using secret overseas accounts to reap more than $550 million in profit through illegal stock trades. The government said the brothers set up a sham network of companies and trusts in the Cayman Islands and on the Isle of Man, off the British coast, to trade more than $750 million of stock in four public companies where they served on corporate boards. In so doing, they failed to make the public disclosures required of "corporate insiders," the SEC ...

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