SPECIAL POST
The SEC has filed charges against two conservative Texas brothers, Sam and Charles Wyly, who have made major donations to the Republican Party and to GOP candidates in the past, according to the WASHINGTON POST. The SEC alleges that the two brothers committed fraud by using overseas bank accounts to generate more than $550 million through illegal stock trades. The thrust of the allegations is that they bought and sold stock through the overseas banks in U.S. based operations where they served on boards of directors and they failed to disclose those transactions as required by the SEC.
The Wylys have denied the charges.
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