Wyly Hall/Business School now with real FRAUD action!

Submitted by MGoData on July 30th, 2010 at 11:31 AM

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.

http://abcnews.go.com/Business/wireStory?id=11282829

Comments

HermosaBlue

July 30th, 2010 at 11:57 AM ^

Yes, Sam Wyly donated cash for Wyly Hall, and he has an MBA from UM from 1957.

Other than that, what does this have to do with the business school?

Ted Bundy went to University of Washington.  What does that have to do with him being a serial killer? 

MGoData

July 30th, 2010 at 12:08 PM ^

To be honest it doesn't really have much to do with the B-school.  Its a bit different than the other two people mentioned though, because Ted Kaczynski did continue a relationship with the University or give it millions of dollars in potentially illegally acquired money.  That said, can you really project anything from the decisions of one guy onto an institute?  In this case, no, probably not.

Don

July 30th, 2010 at 12:12 PM ^

I'm a '78 grad of the UM College of Architecture and Urban Planning. In their infinite non-wisdom, they took Al Taubman's money a bunch of years later and renamed the school in his name. I'm still pissed they did that. The whole practice of naming rights is out of hand, but I know schools are under huge amounts of pressure to land big donors.

IMHO, Sam Wyly is a cocksucking SOB because he was the money behind the swiftboating smear job of John Kerry in 2004. I'd spit on the guy if I had the chance.

st barth

July 30th, 2010 at 12:42 PM ^

Now those are the kind of criminals Michigan can be proud of.  That high school kid stealing from lockers could learn alot from these men.