(CNN Money) — Two billionaire brothers face federal fraud charges for selling stock in companies which they helped oversee and then trying to conceal some $550 million in gains. In a complaint issued late Thursday, the Securities and Exchange Commission said Sam and Charles Wyly attempted to hide their ownership and trading of stock in these firms by creating an elaborate system of off-shore trusts and subsidiary companies.
Comment Disclaimer: Comments that contain profane or derogatory language, video links or exceed 200 words will require approval by a moderator before appearing in the comment section. XOXO-MN
