SEC Wins Big As Wyly Brothers Found Liable in $550M Trial


Eugene Goldman said that the securities fraud conviction of two wealthy brothers for using offshore trusts to covertly reap trading gains illustrated the importance of bilateral agreements between the SEC and foreign authorities. Mr. Goldman noted that the agency’s coordination with regulators in the Isle of Man and the Cayman Islands, where the trusts were located, “tells me that the universal information-sharing initiative is in full force … You may believe you’re beyond the reach of the SEC in a foreign country, but through these agreements, your own government will assist the SEC.”