New York: The Securities and Exchange Commission has filed a complaint against billionaires Charles and Sam Wyly. The complain alleges that they were involved in insider trading and profited to the tune of $550 million.
The pair allegedly ran subsidiary companies and trusts out of the Cayman Islands and the Isle of Man to trade the shares of companies they were directors for. A lawyer for the men said the charges are "without merit".
The brothers have been significant donors to conservative political causes. Over 200 Republican candidates have received donations totalling $2.5 million from them and they were significant contributors to the Swift Boat campaign in 2004.