Join The Discussion

 

Group buys former Armour meatpacking site in Stockyards

The 16.8-acre site of the historic, former Armour meatpacking plant in Fort Worth’s Stockyards has changed hands, and its new owners aren’t saying anything about their plans. Chesapeake Land Development Co., which bought the site

read more >

Social House Fort Worth plans to open mid-November

Social House has leased 5,045 square feet at 2801-2873 W Seventh St. in Fort Worth, according to Xceligent Inc.

read more >

Ski Grand Prairie? TCU, UTA grad helping bring snow to Metroplex

For Levi Davis last week may have been a career peak, in more ways than one.

read more >

GE rises most in year with equipment order increases, including at Fort Worth locomotive unit

NEW YORK — General Electric Co. beat analysts' profit estimates in the third quarter as Chief Executive Officer Jeffrey Immelt squeezed more costs from the manufacturing units.

read more >

Cheesecake Factory gets ready to serve; Sundance tree lighting set

The Cheesecake Factory at Sundance Square will open on Dec. 9, officials with Sundance announced today. The 8,800-square-foot restaurant - being built in the

read more >

Regulators win civil case vs. Texas entrepreneurs the Wyly brothers

NEW YORK (AP) — Two Texas brothers acted fraudulently by trying to hide assets they controlled in four public companies that were sold for billions of dollars, a jury determined Monday in a civil trial.

The Manhattan jury returned its verdict against 79-year-old Sam Wyly and the estate of his brother, Charles, whom the Securities and Exchange Commission had accused of earning more than $500 million illegally by using offshore accounts to trade securities.

Damages will be assessed by U.S. District Judge Shira Scheindlin after additional submissions by lawyers.

Wyly, who testified on his own behalf during the trial, was not in the courtroom for the verdict. Two other family members cried as the verdict was announced by the jury forewoman.

The Wylys earned more than $14 billion by selling companies including the arts and crafts retail chain Michael Stores Inc. and two technology companies. After the sales, Sam Wyly was on the Forbes list of billionaires for a time while the brothers donated millions of dollars to mostly conservative Republican candidates and causes. Charles Wyly died in a car accident in Aspen, Colorado, three years ago.

In a statement after the verdict, defense attorney Stephen Susman said he was "deeply disappointed."

"Despite this setback, we maintain that Sam and Charles Wyly acted in good faith. We will continue to fight for justice through the next phases of the legal process," he added.

SEC Enforcement Director Andrew Ceresney said the agency was gratified.

"We proved that the Wylys used a system of offshore trusts to conceal their transactions as directors of publicly traded companies," he said. "We will continue to hold accountable, and bring to trial when necessary, those who commit fraud no matter how complex their scheme or how hard they try to hide it."

In closing arguments, SEC attorney Bridget Fitzpatrick had urged jurors to find that the brothers acted fraudulently by taking steps to hide their offshore dealings in the companies they controlled. She said they also failed to file proper documentation.

She accused Wyly of lying multiple times when he claimed he was happy to disclose information publicly and never hid assets in the Isle of Man, where offshore trusts were used to trade in the securities of the companies.

Susman had told jurors that Wyly trusted employees to make required document filings and relied on experts in the law and taxes to guide his decisions.
 

< back

Email   email
hide
Ebola
How worried are you about Ebola spreading?