About Samuel Wyly
It hasn't been a good year for Sam Wyly: he and his brother Charles face charges of insider fraud. The SEC alleges the Louisiana-born brothers hid profits offshore, failing to disclose gains of $550 million. Their lawyers claim the charges are without merit. Sam went to Louisiana Tech, where he paid his way in part by selling class rings. Later founded University Computing in 1963 with $1,000. Generated $57 million in sales in the next five years. Over the years, his investments have included stakes in Michael's chain of craft stores (sold in 2006) and Bonanza Steakhouses. Both he and Charles h... Read More
It hasn't been a good year for Sam Wyly: he and his brother Charles face charges of insider fraud. The SEC alleges the Louisiana-born brothers hid profits offshore, failing to disclose gains of $550 million. Their lawyers claim the charges are without merit. Sam went to Louisiana Tech, where he paid his way in part by selling class rings. Later founded University Computing in 1963 with $1,000. Generated $57 million in sales in the next five years. Over the years, his investments have included stakes in Michael's chain of craft stores (sold in 2006) and Bonanza Steakhouses. Both he and Charles have made large donations to Republican causes and campaigns. Devout Christian Scientist. Read Less
Wealth History
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