Charles Wyly
Charles Wyly, Jr. | |
|---|---|
| Born | Template:Birth date Lake Providence, Louisiana, U.S. |
| Died | August 7, 2011 (aged 77) Aspen, Colorado, U.S. |
| Occupation(s) | Businessman, entrepreneur, philanthropist |
| Known for | Support of Republican initiatives; philanthropy in Dallas arts; co-founder of University Computing |
Charles Wyly, Jr. (October 13, 1933 – August 7, 2011) was a prominent American businessman, entrepreneur, philanthropist, and community leader recognized for his impactful support of Republican initiatives and the arts scene in Dallas, Texas. He contributed $20 million toward the establishment of a performing arts center in Dallas. In 2006, Forbes valued his fortune at approximately $1 billion. His brother, Sam Wyly, possessed comparable wealth and engaged in similar business enterprises; over twenty years, together they contributed close to $2.5 million to more than two hundred Republican candidates and political committees at the federal level. Charles Wyly was honored with induction into the Louisiana Tech University Athletic Hall of Fame in 2003, reflecting his tenure as a varsity football player for the Bulldogs.[1]
Early life and education
Wyly was born amid the hardships of the Great Depression, during which his family lost their cotton farm located in Lake Providence, Louisiana. He completed his studies at Delhi High School in 1951, extending his education by an additional semester to aid in securing a Louisiana state football championship.[2] Both Charles and his brother enrolled at Louisiana Tech University simultaneously before beginning careers at IBM. Charles participated in four seasons of varsity football at Louisiana Tech and graduated with a degree in business administration in 1956.[1]
Career
Wyly collaborated with his brother Sam in managing their initial software venture, University Computing, before founding and leading multiple other enterprises. He also contributed to public service by serving on the White House Advisory Council for Management Improvement. Collectively, the Wyly siblings donated upwards of ninety million dollars to a variety of charitable organizations.
Scandal and controversy
In 2010, both the Internal Revenue Service and Securities and Exchange Commission charged Charles and Sam Wyly with utilizing offshore accounts to conceal over $500 million in profits accumulated through thirteen years of insider trading and fraudulent activities. The Wylys denied these accusations and fought against them.
A civil jury in New York City ruled in 2013 that Charles and Sam Wyly had engaged in fraudulent conduct by hiding assets they controlled within four publicly traded companies sold for billions. The jury in Manhattan found 79-year-old Sam Wyly and Charles Wyly’s estate liable for unlawfully obtaining more than $500 million via offshore securities transactions.
Death
On August 7, 2011, Wyly—who maintained a residence in Woody Creek, Colorado, near Aspen—was involved in a deadly accident when his Porsche collided with an SUV while making a turn onto a highway close to the local airport. He later passed away at Aspen Valley Hospital. Charles Wyly was survived by his wife Caroline “Dee” Wyly, brother Sam, four children, and seven grandchildren. His final resting place is at Sparkman-Hillcrest Memorial Park Cemetery in North Dallas.
References
- 1933 births
- 2011 deaths
- People from Lake Providence, Louisiana
- People from Richland Parish, Louisiana
- Louisiana Tech University alumni
- Louisiana Tech Bulldogs football players
- American computer businesspeople
- Businesspeople from Dallas
- Texas Republicans
- American billionaires
- 20th-century American philanthropists
- Road incident deaths in Colorado
- Burials at Sparkman-Hillcrest Memorial Park Cemetery