Posted: Apr 27, 2014 8:28 AM
Updated: Apr 27, 2014 8:29 AM
NEW YORK (AP) The Securities and Exchange Commission has told a New York jury that a onetime Texas billionaire earned over a half billion dollars by secretly trading securities in companies he created with his brother.
Sam Wyly says it's not true. The 79-year-old Dallas man has testified in Manhattan federal court to challenge the regulatory agency's claims.
The showdown is an infrequent instance in which the SEC takes an enforcement action to trial. The SEC says Wyly and his now-deceased brother hid investment activities offshore for 13 years. The SEC says they used profits to buy homes and businesses for their family.
Wyly insists they acted lawfully. Their companies included a software maker that sold for $4 billion and an arts and crafts retail chain that sold for $6 billion.