Shearn Moody Jr.
Shearn Moody Jr. | |
|---|---|
| Born | May 23, 1933 Galveston, Texas, U.S. |
| Died | June 25, 1996 (aged 63) Galveston, Texas, U.S. |
| Occupation(s) | Financier, entrepreneur, philanthropist |
| Known for | Founder of Empire Life Insurance Company; development of Moody Gardens resort complex |
Shearn Moody Jr. (May 23, 1933 – June 25, 1996) was a prominent American financier, entrepreneur, and philanthropist hailing from Galveston, Texas. As the heir to a substantial financial legacy, he was the visionary behind the development of the Moody Gardens resort complex. Moody was the grandson of the renowned insurance and finance magnate William Lewis Moody Jr.
Personal life
Born on May 23, 1933, in Galveston, Texas, Shearn Moody Jr. was the son of Shearn Moody Sr. and Frances Moody Newman. His father passed away in 1936 during Moody’s infancy. Known for his unconventional personality—including constructing a slide from his bedroom window down to a pool where he housed pet penguins—Moody never entered into marriage and spent much of his later years entangled in civil litigation. His long-term companion was Jimmy Stoker, a former dancer from Las Vegas. Convinced that the legal system was manipulated by adversaries attempting to claim his fortune, Moody reportedly retained "several hundred" attorneys and enlisted nationally recognized lawyer Roy Cohn to oversee his extensive legal battles. He passed away at his residence in 1996 after enduring chronic hypertension and kidney complications.
Business and legal dealings
Inspired by his grandfather William L. Moody Jr., who amassed wealth through founding the American National Insurance Company, Shearn Moody Jr. founded the Alabama-based Empire Life Insurance Company. Nevertheless, in 1972, he was removed from his position during a federal probe into his business practices that culminated in a conviction for bankruptcy fraud. Later, in 1987, he faced convictions for mail fraud and wire fraud connected to schemes aimed at defrauding the family's Moody Foundation.
Having served as a board member of the foundation overseeing millions in grant distributions, Moody was accused by the Internal Revenue Service of channeling substantial grant funds to himself, resulting in tax liabilities and penalties exceeding $14 million. His trial was marked by extraordinary incidents including allegations of witchcraft, a provocative song he commissioned targeting the legal profession, and threats directed at former Watergate attorney Douglas Caddy. Despite these dramatic elements, a federal appellate court ultimately reversed his convictions.
In 1987, Moody graced the cover of Texas Monthly, branded as "the sleaziest man in Texas." Following an investigation spanning a decade, he was convicted once more in 1989 for bankruptcy fraud related to Empire Life Insurance. Sentenced to five years in federal prison, he served a portion of this sentence before being released on parole in May 1991.
Legacy
During his final years, Moody concentrated on his involvement with the board of directors at Moody Gardens, seeking to establish an additional economic asset for the local community through this initiative.
See also
Notes
External links
- Moody National Bank
- The Moody Foundation
- Moody Mansion Historic Home
- William Lewis Moody Jr. at Handbook of Texas Online
- Mary Elizabeth Moody Northen at Handbook of Texas Online
- Pages with script errors
- Articles with short description
- Articles with hCards
- No local image but image on Wikidata
- 1933 births
- 1996 deaths
- American financiers
- American bankers
- People from Galveston, Texas
- American people convicted of money laundering
- Businesspeople from Texas
- Wealth in the United States
- American people convicted of fraud
- American businesspeople convicted of crimes
- 20th-century American businesspeople
- 20th-century American philanthropists