By Chuck Ring (GadaboutBlogalot ©2009 – 2010)
Quote Freely From The Article – Leave The Pseudonym Alone
Charles Wyly Jr. and Samuel Wyly, Texas businessmen and brothers who are among the nation’s most generous campaign donors to Republican political candidates and causes, were today hit with a Securities and Exchange Commission lawsuit accusing them of fraud worth hundreds of millions of dollars.
According to Mr. Leventhal, the brothers, together with their wives have donated more than 2.5 million dollars to politicians and political causes over the previous 20 years. As indicated above the donations were to Republicans and Republican organizations.
The Center For Responsive Politics, of which OpenSecrets.org, is an arm, provides an analysis which can be found here, of the contributions given by the Wylys to federal political committees.
The Securities and Exchange Commission has reported the alleged sum of money somehow unreported by the brothers is at least 550 million:
The SEC accuses the Wylys of pocketing $550 million in undisclosed money over 13 years.
“The cloak of secrecy has been lifted from the complex web of foreign structures used by the Wylys to evade the securities laws,” Lorin Reisner, the SEC’s deputy enforcement director, said in a statement this afternoon. “They used these structures to conceal hundreds of millions of dollars of gains in violation of the disclosure requirements for corporate insiders.”
Like it or not, these revelations will warm the cockles of progressive’s hearts and more than one or two hearts of Democrat’s. Assuming they can find them and they are still beating. The rest of this story along with additional links and biographical releases on the brothers, plus in-depth analysis, will be found by clicking here.
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