June 3, 2005 – The Wall Street Journal reports today on “a popular stock option transaction marketed by Bank of America and other institutions” that is at the center of an investigation launched in New York by Manhattan District Attorney Robert Morgenthau. According to the WSJ, the investigation has been joined by the Internal Revenue Service and the Securities and Exchange Commission.
The article comments on firm clients Sam and Charles Wyly. According to the article, the Wylys “feel strongly they only did that which was appropriate,” said Bill Brewer, their Dallas lawyer.
The two created their trusts for the benefit of family members and charitable purposes, Mr. Brewer said. They “hired all these professionals to do what they thought and still hope are legitimate arrangements,” Brewer said.
Read the full report here.