Wyly Brothers Told To Disclose Atty Docs In SEC Case

Law360, New York (July 7, 2011, 4:59 PM EDT) -- A New York federal court on Tuesday ordered billionaire brothers Samuel E. Wyly and Charles J. Wyly Jr. to turn over documents detailing legal advice they received after learning the government was investigating them for allegedly running an $550 million securities fraud scheme.

The U.S. Securities and Exchange Commission had asked for the documents concerning communications between their attorneys and counsel for the trustees of trusts the brothers allegedly used to perpetrate their scheme. The SEC alleges the brothers set up and operated an elaborate system...
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