After years of litigation and investigations by the Securities and Exchange Commission, Texas investor Samuel Wyly and the estate of his late brother, Charles, are facing trial this week over accusations that the brothers engaged in a $550 million fraud, Reuters reports.
The SEC alleges that the Wyly brothers used offshore trusts and entities to conceal stock trading from 1992 to 2004 in Sterling Software Inc., Michaels Stores Inc., Sterling Commerce Inc., and Scottish Annuity & Life Holdings Ltd, according to Reuters. The brothers are also accused of earning $31.7 million from insider trading in Sterling Software after they decided to sell the company in 1999. (The estate of Charles Wyly is standing in for him following his death in a car crash in August 2011.)
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