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.”
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