Saturday, July 31, 2010

Scams - Helping the Rich Get Richer

Stories like the one about Billionaire brothers Samuel and Charles Wyly are becoming more common place, and to me that is a sad reflection of the world we live in.  If you have not read the story on these two,  let me summarize . . . they are already billionaire business men from being a part of large and recognizable companies such as Bonanza Steakhouse, Michaels craft stores and Green Mountain Energy . . . you would think that they have enough money, right?  I guess not.  They are being charged with orchestrating a fraud scheme that brought in $550 million!

The cloak of secrecy has been lifted from the complex web of foreign structures used by the Wylys to evade the securities laws," said Lorin L. Reisner, Deputy Director of the SEC's Division of Enforcement. "They used these structures to conceal hundreds of millions of dollars of gains in violation of the disclosure requirements for corporate insiders.
Another note, Samuel Wyly has a book called 1,000 Dollars and an Idea: Entrepreneur to Billionaire in which he talks about his rise from a country boy to a billionaire.  I wonder what chapter he covers how to run a million dollar fraud scheme?

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