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.