Michaels Stores-Subpoena - Cincinnati News, FOX19-WXIX TV

Michaels Stores-Subpoena

Michaels Stores subpoenaed over trusts; SEC also probing

A federal grand jury and the Securities and Exchange Commission are investigating trusts controlled by two brothers who are wealthy benefactors of President Bush.

The probe centers on whether the trusts failed to disclose their involvement in offshore trusts that traded in their company's stock. Michaels Stores, one of the nation's largest arts and crafts retailers, says the trusts to benefit Sam and Charles Wyly and their families hold nearly four percent of the company's outstanding shares. The Irving, Texas-based crafts-store chain disclosed the subpoena and SEC probe in a news release Wednesday. After news of the investigations, Michaels' shares fell five-and-a-half percent.

  • FOX19 HeadlinesMore>>

  • Tropical Storm Cindy comes ashore in southwest Louisiana

    Tropical Storm Cindy comes ashore in southwest Louisiana

    Thursday, June 22 2017 3:20 AM EDT2017-06-22 07:20:22 GMT
    Thursday, June 22 2017 8:01 AM EDT2017-06-22 12:01:29 GMT
    Weather forecasters are expecting a third day of rough weather for Gulf Coast states as Tropical Storm Cindy approaches.Full Story >
    Weather forecasters are expecting a third day of rough weather for Gulf Coast states as Tropical Storm Cindy approaches.Full Story >
  • FBI: No 'wider plot' suspected in Michigan airport stabbing

    FBI: No 'wider plot' suspected in Michigan airport stabbing

    Thursday, June 22 2017 1:09 AM EDT2017-06-22 05:09:08 GMT
    Thursday, June 22 2017 8:01 AM EDT2017-06-22 12:01:12 GMT

    Canadian man remains in custody in stabbing of Michigan airport police officer; suspect accused of shouting 'Allahu akbar' before the incident that is being investigating as act of terrorism.

    Full Story >

    Canadian man remains in custody in stabbing of Michigan airport police officer; suspect accused of shouting 'Allahu akbar' before the incident that is being investigating as act of terrorism.

    Full Story >
  • Trump's tease of possible Comey tapes fits familiar pattern

    Trump's tease of possible Comey tapes fits familiar pattern

    Thursday, June 22 2017 4:10 AM EDT2017-06-22 08:10:30 GMT
    Thursday, June 22 2017 8:00 AM EDT2017-06-22 12:00:48 GMT

    An answer is expected this week to a question that has transfixed Washington: Does President Donald Trump have secret recordings of his conversations with fired FBI Director James Comey.

    Full Story >

    An answer is expected this week to a question that has transfixed Washington: Does President Donald Trump have secret recordings of his conversations with fired FBI Director James Comey.

    Full Story >
Powered by Frankly