Published on August 23, 2010 | by LawNews
Prof. Colombo to The New York Times: Case against Wyly brothers is pretty strong, though not a no-brainer
In S.E.C. Fraud Suit, Texas Brothers Stand Firm
By David Segal
New York Times
August 23, 2010
How strong is the case? “Pretty strong,” said Ronald J. Colombo, an associate professor of securities and corporate law at Hofstra University, “though not a no-brainer.”
Professor Colombo, based on his reading of the complaint, said the S.E.C. was likely to argue that assets in those trusts were under the control of the Wylys. He said that when a person can command a trust to buy specific paintings and jewels, at a specific price, on a specific date, as the Wylys regularly did, that person would seem to be controlling it.
Read the full article at nytimes.com.