Tuesday, 1 December 2015
Last updated 12 hours ago
Aug 9 2011 | 12:42pm ET
Maverick Capital co-founder Charles Wyly was killed in a car accident Sunday morning near the Aspen-Pitkin County Airport in Colorado.
Wyly, who made billions with his younger brother and business partner, Samuel, was hit by a sports utility vehicle while turning onto a highway near the airport. Wyly, who had a home in Aspen, had taken his Porsche to the airport to get a cup of coffee and a newspaper. He was 77.
Wyly and his brother’s business empire at times included crafts chain Michaels Stores and the Bonanza Steakhouse chain. The two were early pioneers in the computer industry and sold Michaels to Bain Capital and the Blackstone Group five years ago for $6 billion.
Last year, the two men were sued by the Securities and Exchange Commission for $550 million. The regulator accused the two men of insider-trading and hiding assets, diverting some of their ill-gotten gains into Maverick and another hedge fund founded by Sam Wyly, Ranger Capital.
The Wylys have denied any wrongdoing, but lost a bid to have the suit dismissed in March.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…