The co-founder of Michaels arts-and-craft stores, philanthropist, and Republican benefactor, Charles Wyly, was killed in a car accident near Aspen, Colorado on Sunday. The 77-year-old was allegedly turning left on Airport road in his Porsche 911 Targa, and was broadsided by a Ford Freestyle SUV just before 11:00am.

Wyly died from his injuries at Aspen Valley Hospital. The driver of the SUV received moderate injuries in the accident.

Wyly has a home in Woody Creek, a community near Aspen.

Wyly gave millions of dollars to the Dallas Museum of Art and was a philanthropist of different artistic causes. His brother and their wives also gave millions of dollars to Republican political causes. He served on the boards of the United Way of Dallas, The Dallas Museum of Art, and the Dallas Summer Musicals. He is a past chairman of the Dallas advisory board of the Salvation Army.

Wyly and his brother, Sam, have been under investigation by the Securities and Exchange Commission since last year for illegal insider trading, which the SEC alleges has netted the Wylys over $550 million since the late 1990s.

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