Wyly brothers break slilence on SEC suit

| 23/08/2010

(DallasNews.com): The billionaire Wyly brothers have broken their silence about the massive securities fraud suit against them. In the six years since the SEC started investigating Sam and his brother Charles, the pair have not spoken publicly about the business enterprises including a maze of 58 trusts and shell corporations based in the Isle of Man and the Cayman Islands. The brothers were silent when a Senate subcommittee released a report accusing them of using hundreds of millions in untaxed dollars to pay for business ventures and to acquire art and jewellery, including a $622,000 ruby. But after months of failed settlement talks the Wylys have decided to make the first jab in the fight over public perception.

"I can tell you one thing," Sam Wyly said. "They gonna lose. They gonna get nothing."
In separate interviews conducted in (Aspen) where they spend summers, the Dallas-based entrepreneurs offer a counternarrative to the government’s 78-page complaint. "I think it’s good politics to beat up on big companies and rich people," said Sam Wyly, 75. Soon, he said, "the election will be over, and this will forgotten about, or lost, be shut down, be gone, will be nothing."
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