Dallas Business Journal: Wylys Did No Wrong, Lawyer Says

November 12, 2010 – The Dallas Business Journal reports today that “Sam and Charles Wyly should not be held liable for insider trading or other misdeeds the Securities and Exchange Commission has alleged they’ve committed because they’ve done nothing wrong. At least that’s the message the Bill Brewer…wants to convey about his Dallas billionaire clients.”

“The SEC case lacks merit,” Brewer told the DBJ. “The (Wylys) that the community has known for the last 40 years are good, honorable and law-abiding folks…about whom the SEC has told a tall tale. It’s a tall tale that’s inconsistent with the people we’ve known for all these decades,” Brewer said.

Read the full report here.

WSJ Reports on Wyly Brothers, Fraud Case

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.