Reuters – The U.S. Securities and Exchange Commission on Wednesday [July 2] urged a judge to find Texas tycoon Sam Wyly and his late brother, Charles, liable for insider trading, after a jury found they committed fraud by using offshore trusts to hide stock sales.
Lawyers for the SEC told U.S. District Judge Shira Scheindlin in Manhattan the Wylys executed $40 million worth of swap transactions involving shares of Sterling Software after privately deciding to sell the company in 1999.
