Wednesday, 23 July 2014
Last updated 1 hour ago
May 2 2014 | 11:16am ET
On his last day on the stand, Ranger Capital and Maverick Capital co-founder Sam Wyly held nothing back, vis-à-vis his feelings about his former lawyer.
That attorney, Michael French, is cooperating with the Securities and Exchange Commission, and told the jury earlier in the trial that Wyly and his late brother, Charles, designed a series of trusts to illegally hide their stock-trading from the public. Wyly has denied the allegations, and offered his own take on French’s testimony.
“Mr. French made his deal with the devil,” Wyly said in response to a question from an SEC lawyer. “I mean, he has agreed to testify to the thing you wanted him to testify to, and he has done so.”
Wyly and his brother, who died in 2011, are accused of running a $550 million insider-trading scheme, using what the SEC calls an “elaborate sham system” of offshore entities to trade shares of companies on whose boards they sat. Wyly’s testimony was broken up over five days due to an undisclosed medical condition.
Prior to his final session on the stand, the SEC wrapped up its case. Wyly’s lawyers are expected to finish their defense today.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…