Billionaire SEC Target Charles Wyly Dies In Accident

Law360, New York (August 8, 2011, 1:48 PM EDT) -- Texas billionaire businessman Charles J. Wyly Jr., who along with brother Sam Wyly was battling government claims in New York that they ran a $550 million securities fraud scheme, died Sunday in a car accident in Pitkin County, Colo., west of Denver.

Wyly, who was 77, was turning his Porsche onto a highway when the car was struck by an oncoming sport utility vehicle, the Colorado State Patrol said, according to reports.

The Wyly brothers' website issued a statement that said Charles "will be forever remembered...
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