July 29 (Bloomberg) --Jordan 3 Samuel Wyly and Charles Wyly, Texas- based entrepreneurs who financed ads supporting George W. Bush’s presidential campaigns, were sued by U.S. regulators for allegedly misleading investors while selling hundreds of millions of dollars in stock. The brothers over a 13-year period used “an elaborate sham system of trusts and subsidiary companies” in the Isle of Man and Cayman Islands to hide control of securities linked to companies where they were board members, the Securities and Exchange Commission said today in a lawsuit filed at federal court in New York. They illegally kept investors in the dark as they sold off their holdings, it said. “The cloak of secrecy has been lifted from theJordan 2 complex web of foreign structures used by the Wylys to evade the securities laws,” the SEC’s deputy enforcement director, Lorin Reisner, said in a statement. “They used these structures to conceal hundreds of millions of dollars of gains in violation of the disclosure requirements for corporate insiders.” A call to the brothers’ attorney, William BrewerJordan 1 in Dallas, was referred to the law firm’s spokesman, Travis Carter, who couldn’t immediately be reached for comment. Board members’ stock purchases and sales can help otherNike yeezy investors gauge leadership’s confidence in a company’s future earnings. The Wylys used their offshore network to sell $750 million in securities, including $550 million of shares in large-block trades, most of which were done under “materially false or misleading” regulatory filings, the SEC said. Insider Trading The brothers also used the offshore network for insidernike dunk trading, illegally reaping a $31.7 million profit, the SEC said. In October 1999, they bought shares of Sterling Software Inc. after learning that its chairman had decided to sell the firm. Sterling, which developed software to manage corporate computer systems, was sold to Computer Associates International Inc., now known as CA Inc. Other publicly traded companies whose securities were involved air forcein the Wyly’s alleged misconduct include Michaels Stores Inc., Sterling Commerce Inc. and a predecessor of Scottish Re Group Ltd., according to the SEC’s complaint. Forbes magazine estimated in March that Samuel Wyly, Nike Dunk Shoes75, has a $1 billion fortune. He and Charles Wyly, 76, live in Dallas and are major Republican donors. Since 1989, they and their spouses have made more than $1.8 million in campaign donations, according to the Washington-based Center for Responsive Politics. Charles Wyly raised more than $100,000 for former President Bush’s first campaign for the White House in 2000, making Wyly part of an elite class of fundraisers whom the Bush campaign called “Pioneers.” The brothers also funded Republicans for Clean Air, air force shoeswhich aired advertisements for Bush and against rival Senator John McCain of Arizona during the primary election campaign in 2000. In 2004, Samuel Wyly donated funds to the Swift Boat Veterans for Truth, which ran advertisements opposing Democratic presidential nominee John Kerry, the Massachusetts senator. --With assistance from Jonathan Salant in Washington. Editors: Gregory Mott, Lawrence Roberts Nike Air Jordan Shoes Nike Air Max Shoes Nike Air Force Shoes air force air force shoes Nike Dunk Shoes nike dunk