Maverick Co-Founder Charles Wyly Dead At 77

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.

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