Paul Bilzerian Wiki, Age, Wife, Children, Family, Biography & More – WikiBio
Paul Bilzerian is an Armenian-American businessman, business acquisition expert and convicted felon.
Wiki/Biography
Paul Alec Bilzerian was born in 1950 (Age 70; as of 2020) in Miami, Florida, and grew up in Worcester, Massachusetts. He attended a school in Worchester, Massachusetts. One day in September 1968, he was called to the principal’s office for wearing blue jeans that violated the school’s dress code. This angered him, and he responded by dropping out. He then went on to join the U.S. Army, where he took the high school equivalency exam, entered officer school, and was promoted to lieutenant. After his discharge from the military, he attended Stanford University, where he received a BA with honors in Political Science in 1975. That same year, he entered Harvard Business School, but was unsure of his options because he had earlier rejected offers from other law schools for admission to Harvard Business School.
appearance
Height (approximately): 5′ 8″
eye color: green
hair color: salt and pepper
family and race
He is Armenian American. His ancestors survived the Armenian Genocide (1914-1923), the mass murder of ethnic Armenians by the Ottoman government in Turkey and neighboring regions during World War I, and emigrated to the United States in the 20th century.
parents and siblings
His father, Oscar A. Bilzerian, was a civil servant and his mother’s name was Joan Bilzerian (nee Barrie).
When he was in high school, his parents divorced, which troubled his teens. He has a brother named Mark S. Bilzerian and a sister named Deborah C. Lambert.
wife and children
After graduation, Bilzerian married his Stanford classmate Terri Steffen in 1978. After their marriage, they moved to St. Petersburg, Florida.
Bilzerian has two sons, Adam Bilzerian (American-born Nevis poker player and author) and Dan Bilzerian (American actor, businessman, amateur poker player and social media influencer).
Profession
After dropping out of high school, he joined the U.S. Army and fought in the Vietnam War (November 1955-April 1975) and was awarded a medal for service in Vietnam. After his discharge from the military, he attended Stanford University. When he graduated from Harvard, he took a job in the Crown Zellerbach Corporation’s finance office, evaluating merger opportunities. However, he was more interested in making deals on his own, and in 1978 Paul and two Vietnam veterans with broadcasting experience invested in a radio station called “WPLP” in Seminole, Florida. He moved from San Francisco to St. Petersburg to handle finances, while two of his colleagues ran sales and marketing for the company. However, following a dispute over control, Bilzerian left the station in the late 1970s to pursue a real estate business with his father-in-law, Harry Steffen. In 1984, he and his wife moved to Sacramento, California. After he left the station, his partner claimed in the lawsuit that he gave only half of the $100,000 he promised, and after he was fired, he wrote a check for $50,000 in the company’s checkbook His father-in-law, Harry Steffen, a former real estate developer, offered his share of the money. After the abuse was over, Paul managed to recoup his father-in-law’s investment in an out-of-court settlement and obtained a $300,000 promissory note to drop all claims against the station’s assets. Soon he was involved in his father-in-law’s business, turning to stocks in 1982. His first attempt to buy a small stake in Syntax Corporation in early 1984 backfired because he told a lot of people about his plans and the stock ran off before he bought most of it. In 1985, his first two high-profile acquisition attempts took place, one for the New York clothing manufacturer “Cluett Peabody & Company” and the other for the Pittsburgh construction firm “HH Robertson.” In 1986, he moved back to Florida and joined fellow investors William and Earl Mack (son of New Jersey real estate developer H. Bert Mack) to launch a takeover bid for Hammermill Paper Company, buying an average of approximately 3.3 million Hammermill shares Purchased the rest of the company for about $47 per share, then $900 million ($52 per share), but was rejected after Hammermill sold to International Paper for $64.50 per share; Bilzerian and His other investors still made more than $60 million from the deal. In 1987, Bilzerian began the acquisition of defense electronics manufacturer Singer Corporation. In October 1987, a group of investors led by Bilzerian purchased $2.1 million in Singer stock over the previous two months. By T. Boone Pickens. In January 1988, Pickens provided $150 million in additional financing to help Bilzerian acquire Singer.
After being jailed in the 1980s for the Stock Parking case, he became president of the Utah software company Cimetrix. In 2002, the government forfeited his ownership of Cimetrix, and the company went bankrupt.
In 2020, he was reported to be in charge of managing Ignite International Ltd., founded by Dan Bilzerian (his son). Reports say Bilzerian played a not-so-secret role within the company, sending thousands of emails between himself and other Ignite executives.
Inventory Parking Case
In 1986, the federal government uncovered an insider-trading scheme through which a Drexel Burnham investment banker named Dennis Levine took money from stock trader Ivan Boski. Boesky, who exchanged inside information in exchange for a box of cash, testified against prominent owner Boyd Jefferies, chairman of Jefferies & Co. Jefferies has since testified against three people from the corporate and investment banking world, including Bilzerian. The Securities and Exchange Commission then went after Bilzerian, accusing him of engaging in fraud in four transactions that hid his ownership of takeover targets in secret accounts at the Jefferies & Co. stockbroking firm in Los Angeles. According to him,
I am the first person to be prosecuted for breach of 13d disclosure as hundreds of previous cases have been civil and resolved by consent decree without fines or penalties. If I feel like I’m right, I’ll spend $100,000 defending a $200 lawsuit. “I guess that’s the ultimate definition of litigation.”
Bilzerian then pleaded not guilty to 12 counts of violating securities and tax laws, conspiracy and making false statements to the government amid growing public controversy, and demanded a swift trial to clear his name. After two days of deliberation in June, a jury found Bilzerian guilty of nine counts, including conspiracy, making false statements and violating securities laws. In September, he was sentenced to four years in prison and a $1.5 million fine for defending himself. According to him,
Judge Ward told me before the trial that if I lost and did not testify, I would not be jailed, but if I lost and testified, I would pay. “
Bilzerian appealed to the 2nd Circuit Court of Appeals, which handed him a split decision in January 1991, finding no merit in his arguments that his trial was unfair. He began serving his sentence in December 1991 at the now-closed Eglin Federal Prison Camp at Eglin Air Force Base, Florida. In December 1992, he was released from prison and served his sentence under house arrest.
Civil Litigation and Bankruptcy
After Bilzerian was convicted, the SEC (Securities and Exchange Commission) filed a civil lawsuit against Bilzerian on the same charges, forcing him to hand over profits he made from a takeover attempt, which he claimed was double jeopardy because he had served him The acquisition paid a price. implement. In 1993, a federal judge ruled in favor of the SEC and ordered Bilzerian to turn over $33.1 million in profits, plus $62 million in interest. In January 1994, Bilzerian appealed the civil judgment of the District of Columbia Court of Appeals, which was dismissed. In June 2020, the Supreme Court ruled that the SEC can seek and obtain disgorgement from the courts as “equitable relief” for securities law violations. Due to the size of the disgorgement judgment against him, Bilzerian had to file for bankruptcy in 1991. In 1999, he attempted to sell his house in the prestigious Avila neighborhood of Tampa, Florida. After the SEC continued its pursuit of Bilzerian, the judge issued an order appointing a receiver to take over his assets and ordered his arrest for civil contempt of court. In January 2001, Bilzerian filed for bankruptcy again, announcing that it had $15,805 in non-exempt assets versus $140 million in liabilities, much of which was in the government’s disgorgement judgment. On June 11, 2001, while Bilzerian was in jail, FBI agents raided his family’s home with a sealed search warrant and seized computers, documents and Beretta’s gun. Bilzerian unsuccessfully sued FBI agents for filing an affidavit containing mostly false statements, but a federal judge dismissed the case. Bilzerian was released from prison in January 2002 under an agreement under which his wife, Terri Steffen, would sell the residence and share the proceeds with the SEC and transfer most of her wealth to the SEC.
Awards and Honors
- Vietnam Cross of the Order of Valor
characteristic
His 28,000-square-foot 10-bedroom, 13-bathroom and six-and-a-half-bath castle in Avila, Tampa, which includes indoor basketball and squash courts, four fireplaces and a wine room, sold for $2.85 million in 2016 Sold for USD.
Facts/trivia
- He loves sports and built an indoor basketball court and racket court in his mansion in Avila, Tampa. He even dreams of playing in a major league baseball.
- Paul Bilzerian is a movie buff who wants access to a video library for his personal use and tax benefits on movie depreciation. He also frequents a video rental shop at the South Bay Fashion Center in Sarasota.
- After dropping out of school, he rode a motorcycle, worked the checkout line at a fast food restaurant, and loaded trucks for short periods of time. When he got bored, he joined the army.
- While studying at Stanford, he and his wife, Terri Steffen, used to borrow a bicycle to do household chores. When he rode his bike, Terry would balance on the handlebars to do the laundry. However, he owned a “big, old Cadillac” at the time, according to a classmate.
- From 1978 until his imprisonment in 1991, he owned several properties in St. Petersburg.
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