The U.S. Securities and Exchange Commission has struggled in recent jury trials. But on Monday the agency managed to win over jurors considering its civil fraud case against Samuel and Charles Wyly, the brothers and business moguls accused of using offshore trusts to hide trades in four companies on whose boards they sat. The Wylys were represented by a father-and-son team at Susman Godfrey, Stephen and Harry Susman.
A federal jury in Manhattan returned a verdict that the Wylys engaged in securities fraud and violated reporting requirements for corporate insiders. The verdict follows a five-week trial before U.S. District Judge Shira Scheindlin and two-and-a-half days of deliberation. (The estate of Charles Wyly was swapped in as a defendant following his death in 2011).
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