Sam Wyly Net Worth
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What is Sam Wyly’s Net Worth?
Sam Wyly is an American entrepreneur and businessman who has a net worth of $20 million. Sam Wyly was born in Louisiana, in October 1934. He is also a philanthropist and is a major contributor for Republican campaigns and candidates. Sam and his brother Charles Wyly , Jr. have often been referred to as the Wyly brothers. Sam Wyly graduated from Louisiana Tech University, the University of Michigan, and the Ross School of Business. He started out as a salesman at IBM’s Service Bureau Corporation. In 1963 Wyly founded University Computing Company. He started the company with $1,000 and it went public in 1985 wand has $125 million in sales by 1971. Sam and his brother Charles bought the restaurant chain Bonanza Steakhouse in 1967.
Wyly acquired Gulf Insurance in 1986 and co-founded Earth Resources Company. He purchased Computer Technology in 1970 and co-founded Sterling Software in 1981. In 1982 he purchased controlling interest in the arts and crafts store Michaels and in 1986 he purchased the retail chain Frost Bros. Wyly co-founded the hedge fund Maverick Capital in 1990. His memoir 1,000 Dollars & an Idea: Entrepreneur to Billionaire was published in 2008. From 1970 to 2006 Wyly and his brother Charles estimate that they gave about $10 million to Republican causes and candidates. Sam Wyly filed for bankruptcy in 2014 after losing a fraud case brought by the SEC. The IRS filed claims for $3.2 billion dollars against Wily in April 2015.
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