Hopefully this won't have any impact on the NCAA hearing on stretching...
The Securities and Exchange Commission [ed. SEC BABY!] charged billionaire Samuel Wyly and his brother Charles with fraud for reaping more than $550 million of illicit gains by trading stock in four companies while they were serving as directors.
Samuel Wyly, 75, and Charles Wyly, 76, were accused of concocting a sham web of trusts and subsidiaries in the Isle of Man and the Cayman Islands to conceal over a 13-year period more than $750 million of stock sales in Michaels Stores Inc, Sterling Commerce Inc, Sterling Software Inc and Scottish Annuity & Life Holdings Ltd.