You’ve read by now that the Securities and Exchange Commission has charged Texas billionaire brothers Sam and Charles Wyly — who happen to be prominent financial backers of conservative political causes and candidates — with hiding $550 million in trading profits via a maze of offshore trusts and other entities. The brothers, repped by William Brewer of Bickel & Brewer, deny the charges.

What’s notable for our purposes: In denying the allegations, the Wylys essentially throw up their hands and point at the advice they received from lawyers and financial advisers, according to The Wall Street Journal and Bloomberg. According to Brewer, “the Wylys have always received the advice and counsel of leading accounting and legal professionals. They have never been given any reason to believe the financial transactions in question were anything other than legal and fully appropriate.”

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]