or,... "Regulation, we don't need no stinking regulation"
US regulators on Thursday charged Samuel and Charles Wyly, two billionaire brothers whose interests range from software to restaurants, with reaping more than $550m in undisclosed gains by trading shares in companies on whose boards they sat.
The Securities and Exchange Commission alleged that the Wylys created a “elaborate sham of trusts and subsidiary companies” in off-shore jurisdictions to sell $750m in stock in Michaels Stores, Sterling Software, Sterling Commerce and Scottish Annuity & Life Holdings. The brothers held board seats on all four companies.
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