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Wyly Brothers, Top Republican Bankrollers, Accused of Massive Fraud
Wyly Brothers, Top Republican Bankrollers, Accused of Massive Fraud
By Dave Levinthal on July 29, 2010 7:17 PM
| More(Last updated at 9:02 p.m.)
Charles Wyly Jr. and Samuel Wyly, Texas businessmen and brothers who are among the nation's most generous campaign donors to Republican political candidates and causes, were today hit with a Securities and Exchange Commission lawsuit accusing them of fraud worth hundreds of millions of dollars.
Beneficiaries of Wyly brothers cash together compose a who's who of the decade's most notable Republicans, with dozens of top GOP partisans' campaign coffers touched by Wyly money.
Together with their wives, the Wyly brothers have donated nearly $2.5 million to Republican candidates and committees during the past 20 years, a Center for Responsive Politics analysis reveals.
During the past 20 years, Charles and Dee Wyly have donated $855,150 to the Republican National Committee, while Samuel and Cheryl Wyly donated $483,900 to the RNC, the Center's research indicates.
Both brothers have also contributed more than $100,000 each to the National Republican Senatorial Committee. The National Republican Congressional Committee, meanwhile has received $106,000 and $54,500 from Samuel Wyly and Charles Wyly respectively.
As recently as June 10, Charles Wyly made a $10,000 contribution to the Republican Congressional Campaign Committee.
(Download a complete list of contributions from the Wylys to federal political committees here: rep.committees.xls You must cite the "Center for Responsive Politics" when using this data.)
Presidents George H. W. Bush and George W. Bush enjoyed Wyly donations directly -- each received thousands of dollars -- but also the brothers' fund-raising clout. Charles Wyly raised more than $100,000 for George W. Bush ahead of his 2000 presidential victory and contributed hundreds of thousands of dollars more to fund various advertisements designed to benefit Bush.
The Bushes are among the 192 federal-level candidates to receive contributions from at least one Wyly brother, according to the Center's analysis.
Notable politicos include current and former Sens. Kay Bailey Hutchison (R-Texas), Phil Gramm (R-Texas), **** Armey (R-Texas), John Cornyn (R-Texas), John McCain (R-Ariz.), Bob Dole (R-Kan.), Elizabeth Dole (R-N.C.), Sam Brownback (R-Kan.), Mel Martinez (R-Fla.), Judd Gregg (R-N.H.), Bob Smith (R-N.H.), John Thune (R-S.D.) and Kit Bond (R-Mo.).
In terms of contributions, Charles and Dee Wyly's favorite federal-level candidates since the 1990 election cycle are:
Candidate Campaign Leadership PAC
Kay Bailey Hutchison (R-Texas) $30,400 $0
Pete Sessions (R-Texas) $19,000 $10,000
**** Armey (R-Texas) $10,500 $17,500
Top federal-level recipients of Samuel and Cheryl Wyly's money are:
Candidate Campaign Leadership PAC
**** Armey (R-Texas) $5,000 $22,500
Lamar Smith (R-Texas) $24,000 $0
Phil Gramm (R-Texas) $16,000 $5,000
(To download a complete Center for Responsive Politics list of the Wylys' contributions to federal-level candidates, click here: wyly.candidate.xls You must cite the "Center for Responsive Politics" when using this data.)
The SEC accuses the Wylys of pocketing $550 million in undisclosed money over 13 years.
"The cloak of secrecy has been lifted from the complex web of foreign structures used by the Wylys to evade the securities laws," Lorin Reisner, the SEC’s deputy enforcement director, said in a statement this afternoon. "They used these structures to conceal hundreds of millions of dollars of gains in violation of the disclosure requirements for corporate insiders."
A Wyly family representative could not immediately be reached for comment. But family lawyer William Brewer III said in a statement that the Wylys "intend to vigorously defend themselves -- and expect to be fully vindicated."
Official corporate biographies of the Wyly brothers may be found here: samwylybio.pdf and charleswylybio.pdf
Center for Responsive Politics Senior Researcher Doug Weber contributed to this report.
By Dave Levinthal on July 29, 2010 7:17 PM
| More(Last updated at 9:02 p.m.)
Charles Wyly Jr. and Samuel Wyly, Texas businessmen and brothers who are among the nation's most generous campaign donors to Republican political candidates and causes, were today hit with a Securities and Exchange Commission lawsuit accusing them of fraud worth hundreds of millions of dollars.
Beneficiaries of Wyly brothers cash together compose a who's who of the decade's most notable Republicans, with dozens of top GOP partisans' campaign coffers touched by Wyly money.
Together with their wives, the Wyly brothers have donated nearly $2.5 million to Republican candidates and committees during the past 20 years, a Center for Responsive Politics analysis reveals.
During the past 20 years, Charles and Dee Wyly have donated $855,150 to the Republican National Committee, while Samuel and Cheryl Wyly donated $483,900 to the RNC, the Center's research indicates.
Both brothers have also contributed more than $100,000 each to the National Republican Senatorial Committee. The National Republican Congressional Committee, meanwhile has received $106,000 and $54,500 from Samuel Wyly and Charles Wyly respectively.
As recently as June 10, Charles Wyly made a $10,000 contribution to the Republican Congressional Campaign Committee.
(Download a complete list of contributions from the Wylys to federal political committees here: rep.committees.xls You must cite the "Center for Responsive Politics" when using this data.)
Presidents George H. W. Bush and George W. Bush enjoyed Wyly donations directly -- each received thousands of dollars -- but also the brothers' fund-raising clout. Charles Wyly raised more than $100,000 for George W. Bush ahead of his 2000 presidential victory and contributed hundreds of thousands of dollars more to fund various advertisements designed to benefit Bush.
The Bushes are among the 192 federal-level candidates to receive contributions from at least one Wyly brother, according to the Center's analysis.
Notable politicos include current and former Sens. Kay Bailey Hutchison (R-Texas), Phil Gramm (R-Texas), **** Armey (R-Texas), John Cornyn (R-Texas), John McCain (R-Ariz.), Bob Dole (R-Kan.), Elizabeth Dole (R-N.C.), Sam Brownback (R-Kan.), Mel Martinez (R-Fla.), Judd Gregg (R-N.H.), Bob Smith (R-N.H.), John Thune (R-S.D.) and Kit Bond (R-Mo.).
In terms of contributions, Charles and Dee Wyly's favorite federal-level candidates since the 1990 election cycle are:
Candidate Campaign Leadership PAC
Kay Bailey Hutchison (R-Texas) $30,400 $0
Pete Sessions (R-Texas) $19,000 $10,000
**** Armey (R-Texas) $10,500 $17,500
Top federal-level recipients of Samuel and Cheryl Wyly's money are:
Candidate Campaign Leadership PAC
**** Armey (R-Texas) $5,000 $22,500
Lamar Smith (R-Texas) $24,000 $0
Phil Gramm (R-Texas) $16,000 $5,000
(To download a complete Center for Responsive Politics list of the Wylys' contributions to federal-level candidates, click here: wyly.candidate.xls You must cite the "Center for Responsive Politics" when using this data.)
The SEC accuses the Wylys of pocketing $550 million in undisclosed money over 13 years.
"The cloak of secrecy has been lifted from the complex web of foreign structures used by the Wylys to evade the securities laws," Lorin Reisner, the SEC’s deputy enforcement director, said in a statement this afternoon. "They used these structures to conceal hundreds of millions of dollars of gains in violation of the disclosure requirements for corporate insiders."
A Wyly family representative could not immediately be reached for comment. But family lawyer William Brewer III said in a statement that the Wylys "intend to vigorously defend themselves -- and expect to be fully vindicated."
Official corporate biographies of the Wyly brothers may be found here: samwylybio.pdf and charleswylybio.pdf
Center for Responsive Politics Senior Researcher Doug Weber contributed to this report.
Thank you both...so much. You are both "tops" in my view. Without you, we others who had not read about this might have gone off one way or the other. You are like the yin/yang here...lol.
We are drawn to investigate further. I was about to post an article on something else & thought I would read this one first :-)
What you both are doing is highlighting that we do have a problem. It isn't just Republican or Democrat, is it? We definitely need an overhaul of the system and those in charge are not going to do it so easily as they are in control and liking it just the way it is.
It is up to the American People.
Thank you :-))
We are drawn to investigate further. I was about to post an article on something else & thought I would read this one first :-)
What you both are doing is highlighting that we do have a problem. It isn't just Republican or Democrat, is it? We definitely need an overhaul of the system and those in charge are not going to do it so easily as they are in control and liking it just the way it is.
It is up to the American People.
Thank you :-))
Please note the Wyly brothers are ACCUSED. They are innocent until proven guilty. However, Mr. Nemazee was CONVICTED. Why wasn't this covered?????
WaPo buries Dem fundraiser’s fraud, highlights GOP fundraising scandal
By: Michael Barone
Senior Political Analyst
07/30/10 2:55 PM EDT
Our friends at the Washington Post gave front-page treatment this morning to SEC charges that Texas billionaires Sam Wyly and Charles Wyly gained $550 million in fraudulent stock trades.
It also noted prominently that they are big contributors to Republican politicians. “SEC Charges Billionaire Texas Brothers Who Donate to GOP With Fraud,” the headline declared, and in case the reader didn’t get the point the first words of the article read, “Sam and Charles Wyly, billionaire Texas brothers who gained prominence spending millions of dollars on conservative causes.”
This is certainly a legitimate story and arguably deserves front-page prominence and 28 paragraphs of text. Curiously, the article makes no mention of how the Wyly brothers became rich or what businesses they have built until deep into the story, when it notes almost parenthetically that they “amassed their fortune by founding a computer company and investing in a wide range of interests, including oil, insurance and restaurants.” Instead the article concentrates heavily on the Wylys’ political contributions and on the charges against them and their lawyer’s response.
This intensive treatment led me to wondering how the Post handled the conviction and sentencing to 12 years in jail earlier this month of Democratic fundraiser Hassan Nemazee for defrauding banks of $292 million? Answer: It ran as part of a three-item story labeled CRIMINAL JUSTICE on page A3, a five-paragraph Associated Press story headlined “Former Democratic Fundraiser for Hillary Clinton, Kerry Gets 12 Years for Fraud.”
The story noted that Nemazee was finance chairman of Hillary Clinton’s 2008 presidential campaign and that he also raised money and contributed to the campaigns of Barack Obama, John Kerry and Al Gore. Had I missed an earlier story providing more lavish detail?
My check of the Post’s website picked up only one other story from July 12, page C1, headlined “Changing arts & minds: N. Y. financial titans feel like outsiders as Obama . . . .” But perhaps I didn’t use the search function correctly; please let me know if I missed other Post coverage of the Nemazee case.
I wonder why the Nemazee story—about a conviction, not just charges—was not deemed as worthy of front-page and exhaustive treatment as the Wyly story. Is fraud by a Democratic fundraiser considered more of a dog-bites-man story and alleged fraud by Republican fundraisers considered more of a man-bites-dog story over at the Post?
The Post did make clear Nemazee’s ties to leading Democratic politicians, if only briefly, at the top of its July 16 story. But it didn’t give nearly as great prominence to them as it did to the Wylys’ ties to leading Republican politicians in its July 30 story. Fair and balanced? I’ll let you decide.
Read more at the Washington Examiner: http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/wapo-buries-dem-fundraisers-fraud-highlights-gop-fundraising-scandal-99641609.html#ixzz0vFMOwKsN
By: Michael Barone
Senior Political Analyst
07/30/10 2:55 PM EDT
Our friends at the Washington Post gave front-page treatment this morning to SEC charges that Texas billionaires Sam Wyly and Charles Wyly gained $550 million in fraudulent stock trades.
It also noted prominently that they are big contributors to Republican politicians. “SEC Charges Billionaire Texas Brothers Who Donate to GOP With Fraud,” the headline declared, and in case the reader didn’t get the point the first words of the article read, “Sam and Charles Wyly, billionaire Texas brothers who gained prominence spending millions of dollars on conservative causes.”
This is certainly a legitimate story and arguably deserves front-page prominence and 28 paragraphs of text. Curiously, the article makes no mention of how the Wyly brothers became rich or what businesses they have built until deep into the story, when it notes almost parenthetically that they “amassed their fortune by founding a computer company and investing in a wide range of interests, including oil, insurance and restaurants.” Instead the article concentrates heavily on the Wylys’ political contributions and on the charges against them and their lawyer’s response.
This intensive treatment led me to wondering how the Post handled the conviction and sentencing to 12 years in jail earlier this month of Democratic fundraiser Hassan Nemazee for defrauding banks of $292 million? Answer: It ran as part of a three-item story labeled CRIMINAL JUSTICE on page A3, a five-paragraph Associated Press story headlined “Former Democratic Fundraiser for Hillary Clinton, Kerry Gets 12 Years for Fraud.”
The story noted that Nemazee was finance chairman of Hillary Clinton’s 2008 presidential campaign and that he also raised money and contributed to the campaigns of Barack Obama, John Kerry and Al Gore. Had I missed an earlier story providing more lavish detail?
My check of the Post’s website picked up only one other story from July 12, page C1, headlined “Changing arts & minds: N. Y. financial titans feel like outsiders as Obama . . . .” But perhaps I didn’t use the search function correctly; please let me know if I missed other Post coverage of the Nemazee case.
I wonder why the Nemazee story—about a conviction, not just charges—was not deemed as worthy of front-page and exhaustive treatment as the Wyly story. Is fraud by a Democratic fundraiser considered more of a dog-bites-man story and alleged fraud by Republican fundraisers considered more of a man-bites-dog story over at the Post?
The Post did make clear Nemazee’s ties to leading Democratic politicians, if only briefly, at the top of its July 16 story. But it didn’t give nearly as great prominence to them as it did to the Wylys’ ties to leading Republican politicians in its July 30 story. Fair and balanced? I’ll let you decide.
Read more at the Washington Examiner: http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/wapo-buries-dem-fundraisers-fraud-highlights-gop-fundraising-scandal-99641609.html#ixzz0vFMOwKsN
hmmm, no comment?
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