August 5, 2011

Billionaire Dies in Tragic Car Crash

Crash: Charles Wyly died after his Porsche was struck by another vehicle as he was turning left off a state highway over the weekendA billionaire who was at the centre of a $500 million insider dealing probe has been killed in a horrific car crash while driving his Porsche.Charles Wyly, from Texas, was driving near a home he maintains is Aspen, Colorado, when his Porsche was hit by a sport utility vehicle on Sunday.The 77-year-old died shortly afterwards at Aspen Valley Hospital.The other driver suffered moderate injuries.Last summer, the Securities and Exchange Commission accused Wyly and his brother of using offshore havens to hide more than a half-billion dollars in profits over 13 years of insider stock trading. The brothers denied and were fighting the allegations.Wyly’s family is also renowned for donated millions of dollars to Republican causes.In Texas, he and his younger brother, Sam, along with their wives, gave $20 million to help build Dallas’s performing arts center. They also are said to have given about $10 million to GOP candidates and causes since the 1970s.’He is among the finest people I have ever known,’ William Brewer III, Wyly’s attorney and long-time friend, said. ‘His contributions in business, philanthropy and civic leadership will forever be remembered.’

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