DALLAS – 4 am – Samuel Wyly and Charles Wyly — billionaire brothers in Texas who have spent millions funding political campaigns — committed violations of federal securities laws and fraud by using offshore accounts to secretly trade the shares of public companies whose boards they sat on, reaping more than $550 million in profit, according to a Securities and Exchange Commission complaint filed Thursday.

(PHOTO-charlesandsamwyly.com)

The politically-active Wylys, who have been generous donors to Republican causes over the years, have faced questions in recent years — including a Senate probe — about whether they ran an extensive network of tax shelters.

Read it at The Washington Post