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Regulators win civil case vs. Texas entrepreneurs

Updated at: 05/12/2014 12:26 PM
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(AP) NEW YORK - NEW YORK (AP) — A New York jury says two Texas brothers acted fraudulently by trying to hide assets they controlled in four public companies that sold for billions of dollars.

The jury returned its verdict Monday against 79-year-old Sam Wyly and the estate of his brother, Charles. The Securities and Exchange Commission had accused the brothers of earning more than a half billion dollars illegally over a 13-year period as they used offshore accounts to trade in the securities of their companies.

The jury only determined liability. It will be up to the judge to assess damages later.

Defense attorney Stephen Susman says he is "deeply disappointed" by the verdict. He called it a setback and vowed to continue to fight for justice.

(Copyright 2014 by The Associated Press. All Rights Reserved.)