David G. Wallace - Personal Life

Personal Life

David Wallace attended Union College in Schenectady, New York, and later received a scholarship at the University of Reading in England for international studies in Real Estate, Finance and Law, before graduating from the University of North Texas with a Bachelor of Business Administration in Real Estate Finance.

Before his foray into politics, Wallace was a businessman and "turnaround specialist," having worked in the process of acquiring and/or creating over 100 companies and partnerships in a wide range of industries, ranging from petroleum products to telecommunications. Consequently, Wallace has been involved in a number of insolvent and bankrupt businesses as a result of working with these “turnaround” companies.

He has also served the Sugar Land community in a number of capacities, which has resulted in his receipt of a number of special appointments, recognitions and awards, including: appointment to the Homeland Security Task Force by Secretary Chertoff; appointment to the Texas One Economic Development Corporation by Governor Rick Perry; appointment to the board of directors of the Texas Comptrollers Safe Keeping Fund; 2005 Fort Bend Rotary Club Humanitarian of the Year Award: 2005 Rotary International Paul Harris Fellow Award; 2005 Fort Bend YMCA Past Presidents’ Award; National Emergency Response & Rescue Training-Certificate of Completion of Senior Officials, Workshop for WMD/Terrorism Incident Preparedness; Texas Municipal League Certificate of Achievement-State Recognition, Fort Bend Association of Realtors 2000 Volunteer of the Year and Fort Bend YMCA 1999 Volunteer of the Year.

Wallace also served on the Margaret Thatcher Foundation as a founding board member and treasurer until 2006 when the U.S. and European foundations merged. Wallace had business relationships with the Thatcher family through Lady Thatcher's son Mark Thatcher. The Margaret Thatcher Foundation was founded by the former British Prime Minister to promote capitalism, democracy, principles of freedom and rules of law, in countries that were once controlled by Communist rule.

Wallace later chaired the Investment Committee for the Perry Properties Realty Investment Fund which was affiliated with Will Perry, the son of top Republican contributor and homebuilder Bob Perry, until Wallace was bought out by Will Perry in 2006. In January 2007, Perry filed a lawsuit against Wallace for fraud. However, depositions later revealed the lawsuit was designed to ruin Wallace’s political career. Subsequently, in 2008, Perry ultimately filed personal bankruptcy.