Michael’s Arts-and-Crafts Founder’s $550 Million Fraud Scheme

Michael'sSam Wyly, a onetime billionaire who made his fortune partially from Michaels Arts-and-Crafts Stores, filed for bankruptcy last week.  Now, he’s spending his cash at an exorbitant rate in an attempt to prevent the SEC from collecting $198.1 million from him because he committed fraud. Wyly and his now-deceased brother controlled several publicly traded companies in the US.  Then, they created brokerage accounts overseas so that they could buy and sell shares of the companies they controlled without the trades being traced back to them. This very illegal scheme netted them $550 million over 13 years.

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