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The Wylys respond

Here are comments from William A. Brewer III, partner at Bickel & Brewer and lead counsel for the Wylys:

"After six years of investigations, the SEC has chosen to make claims against the Wyly brothers - claims that, in our view, are without merit," says William A. Brewer III, partner at Bickel & Brewer and lead counsel for the Wylys. "It will come as little surprise to those who know them that the Wylys intend to vigorously defend themselves - and expect to be fully vindicated."

The SEC Action: Supporting Comment

"At best, we believe the claims filed today are a misapplication of the law," Brewer says. "At worst, the claims appear to represent an after-the-fact justification for a misguided six-year investigation."

Investment Arrangements: Comment

"The Wylys have always received the advice and counsel of leading accounting and legal professionals," Brewer says. "They have never been given any reason to believe the financial transactions in question were anything other than legal and fully appropriate."

By Zachary Goldfarb  |  July 29, 2010; 8:17 PM ET
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Next: SEC says Wylys used money to buy art and Aspen real estate, make charitable contributions


Yeah, they got the best advice from investment and legal advisers. Bet Arthur Andersen was one of them.

Posted by: bobfbell | July 29, 2010 9:16 PM | Report abuse

So it's the fault of your advisers that you are deceitful crooks taking far more than you could ever use and begrudging your country its rightful taxes? Poor babies! And to think all that campaign bribe money might not work this time!

Well, at least you won't die poor and unknown.

Posted by: Anonymous | July 30, 2010 9:27 AM | Report abuse

And these are the kind and nice people that have been the recipients of the Bush tax cuts? No wonder the USA is in the toilet! Go after these Wyly E. Coyote's with the full extent of the SEC. Nail their corrupt rear ends to a rail and throw them out of the country or better yet in jail. They are a scourge to the hard working men and women of the USA. They should rot in Hell.

Posted by: MikeV2 | July 30, 2010 11:25 AM | Report abuse

The only objective for the S.E.C's actions is to cast aspersions and allegations against the Wyly's, primarily Sam Wyly, because of his pursuit of Charles Wang and Computer Associates who are major contributors to the Democrat Party. This is a continuation of the thuggery kind of politics on which this administration uses to punish opponents...I'm guessing most of the posts on this topic are made by the "Team"...

Posted by: Anonymous | July 31, 2010 10:05 AM | Report abuse

Amazing how no matter which party is in office, the other party will always cry foul. If this is a nation of law, then let the law handle the issue. As far as the rats - both Sam Wyly and Charles Wang belong in jail. Unfortunately, all the money these two took for their shareholders, employees and the American public will be used to buy lawyers that will finagle a lenient sentence or no sentence at all.

Posted by: Anonymous | August 2, 2010 1:12 PM | Report abuse

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