Texas billionaire, Charles Wyly, died in a car accident over the weekend in Aspen, Colorado.
Charles Wyly was a past chairman of the Dallas advisory board for the Salvation Army and board chairman for the Dallas Theater Center. He served on the boards of the United Way of Dallas, the Dallas Museum of Art and the Dallas Summer Musicals, among numerous civic involvements.
The Securities and Exchange Commission last year accused Charles andSam Wylyof reaping $550 million from illegal insider trading over a 13-year period.
They allegedly traded tens of millions of shares in Michaels, Sterling and other companies on whose boards they served, allegedly administering the transactions through offshore trusts named after “Louisiana towns and schools associated with the Wylys’ youth,” according to the SEC’s lawsuit against the Wylys.