Wyly Atty Admits Role In $550M Securities Scheme

Law360, Los Angeles (March 20, 2014, 9:21 PM EDT) -- A former attorney for billionaire brothers Samuel and Charles Wyly, targeted by the U.S. Securities and Exchange Commission for his role in an alleged $550 million securities scheme, on Thursday admitted wrongdoing and agreed to pay $795,000 to exit the suit.

Michael French, erstwhile partner at Jackson Walker LLP, settled out of 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, according to...
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