These guys are infamous for bankrolling GOP causes like the whole Swiftboat attack on John Kerry. They allegedly hid their money in offshore accounts (no taxes!) and then used the offshore accounts to play the market with their insider knowledge.
S.E.C. Charges Billionaire Dallas Brothers With Securities Fraud - NYTimes.com
WASHINGTON — Samuel and Charles Wyly, the billionaire brothers from Dallas who are large donors to philanthropies and to conservative causes, were charged Thursday with conducting an extensive securities fraud that the Securities and Exchange Commission said reaped $550 million in undisclosed gains.
The brothers, who founded Sterling Software, a business software and services company that they sold for $4 billion in stock to the software company CA in 2000, were also charged with insider trading violations from which they profited by more than $31 million, the S.E.C. said
. . .
The Wyly brothers are in many ways a study in contrasts, paradigms of self-made billionaires who for years have fought investigations into suspected tax dodges by the offshore trusts that the S.E.C. claims they controlled.
Samuel E. Wyly, 75, and Charles J. Wyly Jr., 76, who through a lawyer called the charges “without merit,” have given millions of dollars to Republican candidates and organizations, but Sam Wyly this year was also named one of the world’s 10 “greenest” billionaires by Forbes magazine.