Texas' Wyly brothers committed fraud, U.S. jury finds

NEW YORK Mon May 12, 2014 12:51pm EDT

NEW YORK May 12 (Reuters) - Texas businessman Samuel Wyly and the estate of his deceased brother, Charles, were found liable for fraud by engaging in a "scheme of secrecy" involving offshore trusts that netted them $550 million in trading profits, a jury decided on Monday.

The federal jury in Manhattan found the Wylys liable on all claims, in what marked the largest case by the U.S. Securities and Exchange Commission to go to trial in recent years. (Reporting by Nate Raymond in New York; Editing by Jeffrey Benkoe)