After years of probes, SEC fraud trial over Texas tycoons to start

The U.S. Securities and Exchange Commission faces off against wealthy Texas investor Samuel Wyly and the estate of his late brother, Charles, this week in a trial over long-standing accusations that they engaged in a $550 million fraud. Jury selection is set to begin Monday in a federal court in New York in what is expected to biggest test this year of the SEC's ability to hold individuals accountable at trial, following a recent series of disappointing verdicts in fraud and insider trading cases. The trial is the culmination of years of litigation and investigations by the SEC of the Wylys. The case has continued even after Charles Wyly died in a car crash in August 2011, with his estate substituted for him.

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