A major donor to the University of Michigan at Ann Arbor’s business school has been charged with a vast securities fraud and accused of using his ill-gotten gains to make a $10-million gift to the university, The New York Times reports. Samuel Wyly, an alumnus of Michigan, and his brother, Charles Wyly, were accused by the Securities and Exchange Commission of conducting a $550-million securities fraud and of insider trading. The brothers, who are from Dallas and are major donors to conservative and other causes, said through a lawyer that the charges were without merit.
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One Response to U.S. Charges U. of Michigan Donor With Fraud, Saying Gift Was Ill-Gotten
trendisnotdestiny - July 30, 2010 at 3:12 pm
A little personal information for readers. First, the hedgefund traders from New York (Greenwood & Walsh) and now this:Sam & Charles Wyly both were graduates of Louisiana Tech; Sam received his MBA from Michigan. A few websites for further information on these billon dollar crooks:ttp://www.charlesandsamwyly.com/charles-j-wyly-jr.htm”Charles Wyly is widely recognized as one of the world’s most successful entrepreneurs and civic leaders. For more than five decades, he has built a remarkable and multi-faceted career in international business, technological innovation and community service. Charles is co-founder and past chairman of Michaels Stores, Inc., the nation’s leading arts and crafts retail chain operating over 1,000 stores in 48 states and Canada. Michaels was sold in 2006.”"He was a founder and served as vice chairman for 16 years of Sterling Software, Inc., an international computer software company, and he served as a director of Sterling Commerce, Inc., a global provider of electronic commerce software products and network services, until their sale in March 2000. Additionally, he was a founder of Maverick Capital, Ltd., an investment management firm. Charles was also a founder of USACafes and, for 23 years, active as a director of this franchisor, which built the Bonanza Steakhouse restaurant chain to over 600 units before the business was sold in October 1989. He was a co-founder and, for 13 years, chairman of the board of Earth Resources Company, an oil refining and mining company, until it was sold.”—————————————————————Wikipedia quick reference”Wyly and his brother Charles, older by a year, have been close all their life. They became Eagle Scouts, played high school football, attended Louisiana Tech University, and joined the same fraternity together. The brothers have worked together in a large number of businesses they’ve owned or run. In August 2006, Wyly and his third wife, Cheryl, lived in a 8,450-square-foot, $7.48 million house in Highland Park, Texas. Wyly has six adult children from his first two marriages. Wyly is a “devout Christian Scientist”.——————————————————————Bill Black talks about how financial fraud in this country is a top-down business involving accountants, regulators, congressional leaders, attorneys and shareholders but driven by CEO’s who understand that nothing must not be traced back to them. This makes me convulse with disgust!