The father of “Instagram” sensation Dan Bilzerian, Paul Bilzerian is an American business takeover specialist. Paul was reared in Massachusetts but was born in Florida and has Armenian ancestry. He participated in the “Vietnam War” as a member of the US army. Following the end of the war, Paul returned to the US, where he enrolled at Harvard Business School and changed his career path. Possessing an exceptionally high IQ, Paul quickly ventured into the corporate world following his graduation from “Harvard.” He made an investment in “WPLP,” a radio station, alongside two of his pals who were veterans of the war. Nevertheless, the business filed for bankruptcy soon after. In the end, he sued his partners in court. He made a few lucrative agreements when he first began his career in business takeovers in the middle of the 1980s. But in the end, he faced legal action for breaking securities and tax rules. After serving two years in prison, Paul was freed in December 1991 but was placed under home arrest. He’d already declared bankruptcy by then. Following multiple abortive attempts to establish his innocence, Paul launched a few businesses and got back on his feet.
Early Life & Childhood of Paul Bilzerian
1950 saw the birth of Paul Bilzerian in Miami, Florida, to middle-class parents. His mother was a housewife, and his father worked for the government. His parents did not have a good relationship. When Paul was a teenager, their frequent arguments caused them to file for divorce. The family had relocated to Massachusetts by that point.
Paul was severely impacted by his parents’ divorce, and he carried a strong sense of resentment toward them throughout his high school years. “Juvenile delinquent” was how he defined himself. Around the same time, he had started to noticeably lose his memory. When he showed up to school wearing jeans in violation of the dress code, he was promptly dismissed from the school. His life didn’t seem to be progressing. After completing his high school education, he joined the army.
He was an army soldier during the “Vietnam War,” and both the government and his fellow soldiers bestowed upon him several medals. In addition to the “Army Commendation Medal,” he also received the “Bronze Star Medal” and the “Vietnamese Gallantry Cross.”
After the war, he enrolled at “Stanford University,” determined to make a change in his life. The institution awarded him a Bachelor of Arts degree. Following his graduation in 1975, he decided to pursue a business career. After achieving academic success and turning down offers from several law schools, he eventually enrolled in the prestigious “Harvard Business School.”
But his early years at “Harvard” were not quite happy ones. He phoned back the law schools he had previously turned down and reevaluated his decision to enter the business world. He did, however, manage to return to “Harvard,” where he earned a business degree.
Career of Paul Bilzerian
Paul got his first work at Crown Zellerbach Corporation not long after he graduated. He picked up some useful investing knowledge there. But he also wanted to launch a project of his own. Paul received contact from two other “Vietnam War” veterans who were his pals and had knowledge of the television industry. He decided to enter into his first commercial transaction with “WPLP,” a radio broadcasting organization.
Paul and his associates successfully persuaded the business’s owner to sell the company to them rather than to other bidders. Paul managed the business’s finances.
When they took over the station in 1978, it was neither losing money nor turning a profit of any note. But not long after they assumed control, the business suffered significant losses as a result of some dangerous format modifications. This resulted in multiple arguments between the partners and the filing of lawsuits by each individual.
After everything was said and done, Paul received his money back from the business along with some extra. With the help of his father-in-law, Harry Steffen, he then entered the real estate market. He became successful in the real estate industry and accumulated a fortune of more than $100 million.
Paul started investing in stocks in 1982 once his real estate endeavors began to provide sufficient profits. He also intended to pursue a career in business takeovers.
Paul effectively acquired “Singer Corporation,” a producer of defense electronics, in 1985. When word spread that Paul had bought 2.1 million shares in the business, the business relocated its headquarters to New Jersey, where takeover regulations were more stringent, out of fear of being taken over. Eventually, Paul succeeded in the acquisition agreement, even though the business made repeated attempts to avert a brutal takeover.
Disputes of Paul Bilzerian
Paul attempted multiple takeovers, both successful and unsuccessful, during the ensuing years. Additionally, he faced criticism for his tactics and animosity from a number of businesses he attempted to acquire. A Manhattan court accused Paul of tax and securities fraud in December 1988.
Paul entered a not guilty plea within a month and asked the court to expedite the trial so he could get his record cleared as soon as possible. The public began to associate the word “corporate takeover” with bad things, but people who understood complex business dealings realized Paul was innocent. The majority of his attempts to seize control had benefited his investors.
He was found guilty on nine counts in June 1989, including conspiracy, fraud, and making false statements. He received a sentence in September that included a $1.5 million fine in addition to four years in prison. He was, nevertheless, permitted to roam around until the trial was finished.
Paul was imprisoned in Florida in December 1991 after his appeals were denied. Although he was freed in January 1993, he was required to serve the remainder of his term at home. Paul was employed as the director of the Utah-based software company “Cimetrix” after being released from prison. A few years later, Paul was ousted from office as president by the government. Not long after, the company filed for bankruptcy.
Bankruptcy and Additional Issues
In 1991, Paul Bilzerian declared bankruptcy; he did so again in 2001. But according to the “Securities and Exchange Commission” (SEC), Paul was lying about being bankrupt in order to keep his creditors from finding out the real worth of his assets. Paul was further imprisoned by the court for neglecting to submit his precise asset valuation.
The “SEC” raided his property while he was incarcerated, and he was told to settle the dispute. Following Paul’s release from jail, it was determined that his wife would sell the family home and provide the proceeds to the “SEC.” Paul started to criticize the “SEC” and its practices harshly, and the media focused a lot of attention on the problem.
Individual Life of Paul Bilzerian
In 1978, Paul tied the knot with his “Stanford University” classmate Terri Steffen. Dan and Adam are their two sons.
Dan rose to fame on social media, but Adam fled the country because he felt his father had been persecuted by the US government.
After his younger son, Adam, Paul later employed the strategy of citizenship by investing in Saint Kitts and Nevis. He and his spouse currently reside in the West Indian nation.
Net worth of Paul Bilzerian
The estimated net worth of Paul Bilzerian is about $1 million.