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Ex Rangers manager Washington apologizes for 'breaking wife's trust'

IRVING, Texas (AP) — Former Texas Rangers manager Ron Washington says he is embarrassed for 'breaking his wife's trust.'

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Troubled RadioShack files SEC form, talks with 'major vendor'

RadioShack Corp.’s latest filing with the U.S. Securities and Exchange Commission describes recent discussions that “could be beneficial to the financial restructuring of the company.”

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Road Show: City leaders prepare campaign to corral votes for $450 million arena

Fort Worth’s biggest backers of a new arena at the Will Rogers Memorial Center are leaving little to the chance of a “no” vote in a citywide election Nov. 4 to decide on new fees that would fund 15 percent of the $450 million project.

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Texas Health Southwest breaks ground on $40M expansion

A $40 million expansion of Texas Health Harris Methodist Hospital Southwest Fort Worth is under way, with groundbreaking ceremonies held this week.

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Overland Sheepskin opening Sundance Square store in Fort Worth

The store is expected to open by the holidays, Sundance said.

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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.
 

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Arena
What do you think of the new plans for a new Will Rogers arena and changes at the Convention Center?