The SEC brought a massive insider trading complaint against Samuel E. Wyly and Charles J. Wyly, Jr. of Dallas. They also charged their attorney Michael C. French of Dallas and their stockbroker Louis J. Schaufele III of Dallas for their roles in the fraudulent scheme.
The SEC's complaint alleges that the Wylys and French knew or were reckless in not knowing their legal obligations as public company directors and greater-than-five-percent beneficial owners.
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