Wallace (Bud) Smith was a promising amateur boxer who went on to win the world lightweight championship. In 1947 he won the National AAU, upsetting the tournament favorite, Eddie Marotta at featherweight. In 1948 he represented Chicago and won an Intercity Golden Gloves title at lightweight vs. Luis Ortiz, Smith “unleashed a merciless attack” in stopping Ortiz at 2:45 of the 2nd. Smith represented the United States at the 1948 Olympic Games in the lightweight division. Smith defeated Chuck Davey of Michigan State College, to earn a spot on the team. He reportedly ended his amateur career with a 52-4 record.
Smith turned pro in 1948 with a first round knockout over Torpedo Tinsley. Over the next seven years, Smith established himself as one of the world’s top lightweights with victories over top-rated Teddy Davis, Orlando Zulueta, and Arthur Persley.
On June 29, 1955, Smith upset the odds and decisioned 3-time world lightweight champion James Carter to win the title. Four months later he repeated his victory.
However, In 1956, after losing 3-straight non-title bouts, Smith lost his title in an upset to Joe Brown. Smith went on to fight two more years; ending his career after losing 11 straight fights, half by knockout.
After his boxing career ended, Smith went back to hang-out in his old neighborhood, wearing a cowboy hat and talking about making a comeback. His life at this time was far from an easy one, but the good-natured Smith was a popular figure in his neighborhood. The years passed while Smith dropped out of the public spotlight.
On July 11, 1973, Smith was talking to a female friend on a public street when a car drove by and someone opened fire with a gun. A number of bullets hit the former champion and he fell to the sidewalk dead. It later transpired that the intended victim was the female Smith had been talking to.
(Quoted from [http://boxrec.com/media/index.php/Wallace_(Bud)_Smith boxrec.com)
Other sources claim that Smith was beating a woman on the street, and was shot by a man defending her.
Link to Wikipedia biography