ASPEN REAL ESTATE -Woody Creek second-home owners and philanthropists Charles and Sam Wyly have been accused of insider trading and securities fraud by the Securities and Exchange Commission.Sam Wyly, 75, and Charles Wyly, 76, of Dallas, are accused in a civil complaint of using an elaborate system of offshore trusts and shell companies to trade stock in companies they had interest
in, while keeping that interest secret from the market. The complaint, filed Thursday in New York City, alleges the Wylys profited to the tune of $550 million from the transactions, which the complaint claims they orchestrated. The complaint also alleges the brothers made $31 million on a 1999 insider trading deal involving a software company they owned.The complaint alleges the brothers used the “ill gotten gains” for many luxurious items, including two Woody Creek ranches and two Aspen condos.
By Curtis Wackerle, July 31, 2010 Aspen Daily News

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