Maverick Capital Founder, Brother Charged In $550 Million Fraud

Hedge fund billionaire Samuel Wyly and his brother and business partner, Charles, have been accused of running a $550 million fraud, replete with allegations of insider-trading and hiding assets.

According to the Securities and Exchange Commission lawsuit, filed yesterday in Manhattan, the Wylys set up an “elaborate sham system” of offshore companies and family offices to skirt disclosing their holdings in public companies on which they served as directors.