Wyly Atty Close To Exiting $550M SEC Fraud Case

Law360, New York (March 10, 2014, 9:35 PM EDT) -- A longtime attorney for Samuel E. Wyly and Charles Wyly is negotiating with the U.S. Securities and Exchange Commission to settle claims that he helped the billionaire brothers run a $550 million securities racket, his lawyer said on Monday.

If finalized, the deal would extricate erstwhile Jackson Walker LLP partner Michael French from the SEC's case over an elaborate system of offshore sham trusts that the Wylys allegedly set up to conceal hundreds of millions of dollars in illegal securities trades over a 13-year period....
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