Charles Wyly
Encyclopedia
Charles Wyly Jr. was an American entrepreneur and businessman, philanthropist, civic leader, and a major contributor to Republican causes and Dallas art projects. This included $20 million to build a performing arts center in Dallas. In 2006, Forbes
magazine estimated his net worth at $1 billion. His younger brother, Samuel Wyly, is nearly equal in wealth; the two brothers were close with their business affairs, and were often referred to as the "Wyly brothers". Together the brothers had donated almost $2.5 million to more than 200 Republican candidates and committees at the federal level over the past two decades.
, Charles Wyly was a child when the collapsed economy forced the surrender of his family's cotton farm in Lake Providence, Louisiana
. He and his younger brother went on to attend Louisiana Tech University
in the 1950s, then went to work for IBM
. Charles Wyly helped his brother, Samuel, run their startup computer software company, University Computing, and later founded and led several other companies including arts and crafts retail chain Michaels Stores Inc., which was sold in 2006. He also was a former member of the White House
Advisory Council for Management Improvement. During their lifetime, the Wyly brothers together gave more than ninety million dollars to a wide range of charities.
and Securities and Exchange Commission accused Wyly and his brother of using offshore havens to hide more than a half a billion dollars in profits over 13 years of insider stock trading and fraud. The brothers denied the claims and were fighting the allegations.
near Aspen, Colorado
, was turning onto a highway near the local airport when his Porsche was hit by a sport utility vehicle according to the Colorado
State Highway Patrol. Wyly died later at Aspen Valley Hospital. Charles Wyly was survived by his wife Caroline “Dee” Wyly, brother Sam, four children and seven grandchildren.
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
magazine estimated his net worth at $1 billion. His younger brother, Samuel Wyly, is nearly equal in wealth; the two brothers were close with their business affairs, and were often referred to as the "Wyly brothers". Together the brothers had donated almost $2.5 million to more than 200 Republican candidates and committees at the federal level over the past two decades.
Formative Years, Education, and Rise to the Top
Born during the Great DepressionGreat Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
, Charles Wyly was a child when the collapsed economy forced the surrender of his family's cotton farm in Lake Providence, Louisiana
Lake Providence, Louisiana
Lake Providence is a town in and the parish seat of East Carroll Parish, Louisiana, United States. The population was 5,104 at the 2000 census.-Civil War:...
. He and his younger brother went on to attend Louisiana Tech University
Louisiana Tech University
Louisiana Tech University, often referred to as Louisiana Tech, LA Tech, or Tech, is a coeducational public research university located in Ruston, Louisiana. Louisiana Tech is designated as a Tier 1 school in the national universities category by the 2012 U.S. News & World Report college rankings...
in the 1950s, then went to work for IBM
IBM
International Business Machines Corporation or IBM is an American multinational technology and consulting corporation headquartered in Armonk, New York, United States. IBM manufactures and sells computer hardware and software, and it offers infrastructure, hosting and consulting services in areas...
. Charles Wyly helped his brother, Samuel, run their startup computer software company, University Computing, and later founded and led several other companies including arts and crafts retail chain Michaels Stores Inc., which was sold in 2006. He also was a former member of the White House
White House
The White House is the official residence and principal workplace of the president of the United States. Located at 1600 Pennsylvania Avenue NW in Washington, D.C., the house was designed by Irish-born James Hoban, and built between 1792 and 1800 of white-painted Aquia sandstone in the Neoclassical...
Advisory Council for Management Improvement. During their lifetime, the Wyly brothers together gave more than ninety million dollars to a wide range of charities.
Scandal and Controversy
In the summer of 2010, the Internal Revenue ServiceInternal Revenue Service
The Internal Revenue Service is the revenue service of the United States federal government. The agency is a bureau of the Department of the Treasury, and is under the immediate direction of the Commissioner of Internal Revenue...
and Securities and Exchange Commission accused Wyly and his brother of using offshore havens to hide more than a half a billion dollars in profits over 13 years of insider stock trading and fraud. The brothers denied the claims and were fighting the allegations.
Death
On Sunday, August 7, 2011, Wyly, who maintained a home in the rural town of Woody Creek in Roaring Fork ValleyRoaring Fork Valley
The Roaring Fork Valley is a geographical region in western Colorado in the United States. The Roaring Fork Valley is one of the most affluent regions in Colorado as well as one of the most populous and economically vital areas of the Colorado Western Slope. The Valley is defined by the valley of...
near Aspen, Colorado
Aspen, Colorado
The City of Aspen is a Home Rule Municipality that is the county seat and the most populous city of Pitkin County, Colorado, United States. The United States Census Bureau estimates that the city population was 5,804 in 2005...
, was turning onto a highway near the local airport when his Porsche was hit by a sport utility vehicle according to the Colorado
Colorado
Colorado is a U.S. state that encompasses much of the Rocky Mountains as well as the northeastern portion of the Colorado Plateau and the western edge of the Great Plains...
State Highway Patrol. Wyly died later at Aspen Valley Hospital. Charles Wyly was survived by his wife Caroline “Dee” Wyly, brother Sam, four children and seven grandchildren.