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."
July 29, 2010; 8:17 PM ET
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