Wealthy Dallas businessman and philanthropist Charles Wyly was killed today in a car accident in Colorado. According to a statement issued by the Colorado State Patrol, a blue Porsche Targa driven by Wyly, age 77, was struck by a gray Ford Freestyle at approximately 10:50 a.m. as it attempted to make a left turn onto Colorado Highway 82. Wyly, who has a vacation home in Aspen, was transported to Aspen Valley Hospital where he died of his injuries.
Wyly’s life was closely tied to that of his younger (by a year) brother Sam, number 385 among the 400 Richest Americans last year. Both brothers attended Louisiana Tech University, Charles on a football scholarship. Charles then spent 8 years at IBM; Sam followed him to IBM but quit in 1963 to start University Computing Company (UCC) in 1963 with $1,000 of his own money. Charles soon left to join his brother.
In the 1970s the brothers began focusing on oil and mining, through Earth Resources, and also ran Bonanza Steakhouses. Later on they ran arts and crafts retail chain Michaels Stores, technology outfit Sterling Software and investment firm Maverick Capital.
At the time of his death, Wyly was chairman of the Communities Foundation of Texas Board of Trustees and member of the National and the Dallas Advisory Boards of The Savation Army; and board member of numerous Dallas nonprofits.
The SEC charged both Wyly brothers with fraud and insider trading last July. The SEC alleged that the brothers got $550 million in undisclosed gains while sitting on public boards and that they then hid the money in “an elaborate sham system of trusts and subsidiary companies” in the Isle of Man and the Cayman Islands.
At the time, Wyly’s lawyer William A Brewer III, a partner at Bickel & Brewer, adamantly denied the charges, and made the following statement: “After six years of investigations, the SEC has chosen to make claims against the Wyly brothers – claims that, in our view, are without merit. It will come as little surprise to those who know them that the Wylys intend to vigorously defend themselves – and expect to be fully vindicated.” Three months later, the Wylys filed a motion to dismiss all of SEC’s claims against them.
Brewer, who was Wyly’s longtime attorney and friend, issued a much different statement tonight in response to the deadly accident: “Mr. Wyly was a role model, friend and inspiration. He is among the finest people I have ever known. His contributions in business, philanthropy and civic leadership will forever be remembered.”
In addition to his brother, Wyly is survived by his wife Caroline "Dee" Wyly and four children and seven grandchildren.
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