Texas businessman Charles Wyly had “no significant life insurance” when he died in a 2011 car crash, leaving his widow insolvent and dependent on family in the midst of a U.S. regulator’s fraud lawsuit against her husband’s estate, according to bankruptcy court records, Bloomberg News reported yesterday. Caroline “Dee” Wyly, exhausted the liquid assets in her husband’s estate and can no longer tap the funds to pay for living expenses or litigation, her lawyer said in a filing two days ago in U.S. Bankruptcy Court in Dallas. The investor’s widow, known in Texas for her philanthropy in education and performing arts, filed a chapter 11 petition on Oct. 23, citing financial fallout from the Securities and Exchange Commission case against her husband in Manhattan. She isn’t accused of wrongdoing.
