Posted on | July 30, 2010 | 7 Comments
Sam and Charles Wyly, Dallas billionaire investors known for their support of conservative candidates and causes, made $550 million in undisclosed profits through 13 years of insider trading, according to a Securities and Exchange Commission lawsuit filed Thursday. . . .
Using this offshore system, the Wylys were able to sell stock worth more than $750 million in four public companies where they served as corporate directors. They also committed an insider trading violation at one of the companies that resulted in an unlawful gain of over $31.7 million, according to the complaint. . . .
In March, Forbes magazine estimated Sam Wyly’s net worth at $1 billion. He has given generously to Republican causes and candidates, including the Swift Boat campaign that helped re-elect President George W. Bush in 2004 by tarring his Democratic opponent, Sen. John Kerry.
The Wyly brothers, with their wives, have donated almost $2.5 million to more than 200 Republican candidates and committees at the federal level over the past two decades . . .
If you are a Republican billionaire, go ahead and hit the tip jar for a few thousand. Otherwise, bad things could happen.
UPDATE: The Washington Post plays the Wyly indictment as front-page news. However, two weeks ago, when top Democratic fundraiser Hassan Nemazee was convicted of fraud, the Post “printed an Associated Press item on the third page. Nemazee had defrauded almost $300 million and was a major contributor and fundraiser to John Kerry’s presidential campaign and Hilary Clinton’s campaign to be 2008’s Democratic nominee.”