July 30, 2010 – The Wall Street Journal reports today on firm clients and billionaire brothers Sam and Charles Wyly, who allegedly hid trading profits through an “elaborate sham system” of offshore entities.
The Wylys’ lawyer, William A. Brewer III, said the brothers plan a vigorous defense and expect to be vindicated. “After six years of investigations, the SEC has chosen to make claims against the Wyly brothers – claims that, in our view, are without merit. Brewer added that the brothers relied upon the advice of accountants and lawyers, as reported by the WSJ.
Read the full report here.