PORT JEFFERSON STATION, NY—The Matrix Group has confirmed to GlobeSt.com reports that its founder, chair and CEO Glen Nelson was killed this past weekend in a car accident. The 48-year-old allegedly was driving his Lamborghini Murcielago in his home town of the Port Jefferson, on Long Island, when it swerved off the road and slammed into a utility pole, according to the Real Deal. A statement by the firm notes that Nelson wasn't speeding at the time of the accident.

Based here, the company's holdings include office properties on Long Island, in Connecticut and Alabama, along with a host of residential communities. Matrix has appointed attorney Enrico Scarda—Nelson's friend and business partner, as well as a seasoned real estate professional—as acting CEO.

Matrix officials' statement reads in part, "Glen rose from humble beginnings to create a business which was built almost entirely on his strength of character. Glen found success while upholding an irreproachable standard of honor, integrity and loyalty. His work ethic, dedication, and single-minded focus allowed him to achieve things that seemed impossible in the moments they were happening and even now in retrospect. Always a visionary, Glen prepared extensively for every eventuality, including his own demise. A comprehensive succession plan is in place which will ensure the continuity of the company."