SEC Files Suit Against Dallas Billionaires
The Securities and Exchange Commission has filed suit against Dallas billionaire investors Sam and Charles Wyly. The brothers are accused of insider trading in a complaint that includes their stockbroker and attorney.
The SEC alleges the Wylys made $550 million in undisclosed gains over 13 years by trading in securities of companies the men controlled or were officers in.
Their attorney, William Brewer, calls the charges ``without merit''.
The Wylys are now for the contributions to civic and political causes.
The new Wyly Theatre in Dallas Arts District is named for Charles and Dee Wyly.
