By KERA News & Wire Services
Dallas, TX – The Securities and Exchange Commission has filed suit in New York against famed Dallas billionaire investors Sam and Charles Wyly, accusing them, their attorney and their stockbroker of insider trading.
The 78-page complaint filed in a Manhattan federal court in New York on Thursday alleges the Wylys made $550 million in undisclosed gains over 13 years by trading in securities of companies on whose boards the Wylys served.
Also named as defendants in the lawsuit are the Wylys' investment attorney, Michael C. French of Dallas, and stockbroker, Louis J. Schaufele III of Dallas.
The Wylys' defense attorney, William A. Brewer III of Dallas, calls the charges "without merit" and "appear to represent an after-the-fact justification for a misguided six-year investigation."
Attorneys for French and Shaufele had no comment.
DFW Gas Prices Jump Highest
Gasoline prices are up three cents statewide from a week ago. Dan Ronan, with Triple-A Texas says North Texas saw the biggest increase.
Ronan: Dallas and Fort Worth went up a nickel, so those were the two biggest increases in the state. Dallas to $2.58, Fort Worth also went up a nickel to $2.57.
Ronan says even with the nickel increases, gas in D-F-W is below the statewide average by a penny or two.
San Antonio has the cheapest gas in the latest weekly survey, at $2.53. El Paso is the most expensive: $2.74.
Excessive force suspension reversed for Texas cop
An arbitrator has ruled in favor of an east Texas police officer suspended for slamming a handcuffed suspect face first onto the hood of a squad car.
The ruling means that the Paris Police Department must pay back Officer Jeremy Massey, who was suspended earlier this year for two days without pay. The suspension will not be a part of Massey's personnel file. The 11-year veteran has a clean record.
Paris Police Chief Bob Hundley did not immediately respond to messages left by The Associated Press on Thursday. The attorney for Cornelius Gill, the 18-year-old slammed into the car, also did not immediately return a message.
Video from a dashboard camera shows a squad car pulling up to the site of his November arrest. Massey slams Gill, who weighs 136 pounds, into the hood.