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Alternative Market Briefing

SEC welcomes guilty verdict against the Wylys

Tuesday, May 13, 2014

Komfie Manalo, Opalesque Asia:

The Securities and Exchange Commission – Division of Enforcement on Monday welcomed the guilty verdict against the Wyly brothers for engaging in a $550m civil fraud.

Andrew Ceresney, director of the SEC Division of Enforcement said in a statement shortly after the jury released their verdict, "We are gratified by the jury’s verdict finding the Wylys liable for fraud and violations of the reporting requirements for corporate insiders. As proved at trial, the Wylys violated the law by using a system of offshore trusts to conceal their transactions as directors of publicly-traded companies,"

Ceresny vowed the SEC would "continue to hold accountable, and bring to trial when necessary, those who commit fraud no matter how complex their scheme or how hard they try to hide it."

Seventy-nine years old Texas businessman Samuel Wyly and his late brother, Charles Wyly were accused by the SEC with fraud in connection with civil claims they engaged in a "scheme of secrecy" involving undisclosed stock trading in offshore trusts.

On Monday, jurors from a Manhattan federal court found the Wylys guilty of committing fraud. Charles, who died in a car crash in 2011, was represented by an executor for his ......................

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