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SEC accuses Dallas investors of insider trading

Associated Press

Posted on July 29, 2010 at 5:00 PM

Updated Thursday, Jul 29 at 5:00 PM

DALLAS (AP) — The Securities and Exchange Commission has filed suit in New York against famed Dallas billionaire investors Sam and Charles Wyly, accusing them, their attorney and their stockbroker of insider trading.

The 78-page complaint filed in a Manhattan federal court Thursday alleges the Wyly brothers made $550 million in undisclosed gains over 13 years by trading in securities of companies on whose boards they served.

Also named as defendants in the lawsuit are the Wylys' investment attorney, Michael C. French of Dallas, and the stockbroker, Louis J. Schaufele (SHAH'-fuh-lee) III of Dallas.

The Wylys' defense attorney, William A. Brewer III of Dallas, calls the charges "without merit" and "appear to represent an after-the-fact justification for a misguided six-year investigation." Attorneys for French and Shaufele had no comment.

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