Paul Bilzerian is an entrepreneur, a businessman, an American corporate takeover specialist, and a guilty felon. He is also known as the father of an American actor Dan Bilzerian, who is also a businessman, amateur poker player, and social media influencer.
Bilzerian was guilty of tax law violations in the 1980s, concerning unsuccessful takeover tries of the varied corporations. He had to serve a jail sentence and was ordered to disgorge all his profits. As a result, he became bankrupt and in progress disputes with the Securities and Exchange Commission.
Paul Bilzerian was born in 1950, in Miami, Florida, the United States, to middle-class parents. He spent his childhood in Worcester, Massachusetts. He's an Armenian American.
Bilzerian has a brother named Mark S. Bilzerian and a sister named Deborah C. Lambert.
Bilzerian's father Oscar A. Bilzerian was a civil servant and his mother Joan Bilzerian was a housewife. However, once Bilzerian was a youngster, his parents failed to get on well with one another, so their frequent disputes led them to get divorced.
He studied at a college in Worchester, Massachusetts; however, in September 1968, he was called to the principal's office for violating the school dress code by wearing blue jeans once he was in high school. As a result, he responded by dropping out of school.
After dropping out of school he then went on to join the US Army from where he decided to took the high school equivalency test to attend the officer's school and progress to the rank of first lieutenant.
He then served himself in ‘Vietnam War’ as an army personnel and obtained a lot of honors from his fellow soldiers and the government. He was awarded a ‘Bronze Star Medal,' a ‘Vietnamese Gallantry Cross,’ as well as a ‘Vietnamese Gallantry Cross,’
Once the war was over, he decided to become determined to turn his life around and attended ‘Stanford University ' from where he obtained his Bachelor of Arts with honors in Political Science with distinction in 1975.
After his graduation, the constant year he enters the world of business by joining the ' Harvard Business School ', however, he was not sure about his call to attend the school because he had refused offers from several law colleges to recruit in HBS.
However, his youth at Harvard was not very pleasant, as he once more contemplated his decision to enter the business arena and called back the law schools that he had turned down earlier. Besides, his different decision he somehow managed to remain back at ‘Harvard’ and completed his graduation with a business degree.
After his graduation, Paul married Terri Steffen, in 1978 she was his ‘Stanford University' schoolmate. The couple shared 2 sons, named Dan Bilzerian ( an American actor, businessman, amateur poker player, and social media influencer) and Adam Bilzerian ( American-born Nevisian poker player and writer).
While Dan became a social-media celebrity, Adam determined to leave the U.S.A due to anger over the US government for mistreating his father. Following his younger son, Paul used the tactic of citizenship by investing in Saint Kitts & Nevis. He currently lives with his partner in a West Indian country.
Soon after his graduation, he started his career as a capitalist at a company named ‘Crown Zellerbach Corporation '. Then after that, he decided to make the first business deal of his life with an investment in a radio station in Tampa named ‘WPLP.’
He created this investment with 2 of his other ‘Vietnam War’ colleagues, who were his friends and they had experienced in the broadcasting field. However, the radio station failed to achieve huge success whereas he was very successful in the real estate business. His firstly high-profile take over was with Cluett Peabody & Company a New York-based clothing manufacturing company.
As of 2021, the total estimated net worth of the businessman Paul is $100 million. Paul gathered most of his wealth by dirty means, he had disputes with the Securities and Exchange Commission. For securities fraud, he had to pay $62 million. In order to prove himself legally innocent, he spent 28 years trying. His son also claimed that he made $50 million by playing poker.
In 2000 he was ordered by a federal judge to prison for continuously denying his ill deeds. His wife had to sell their mansion in Tampa for his freedom.
The mansion is around 28,000 square feet with 10(bedrooms), 13(bathroom), and 6-half-bath. On the other side, the mansion has indoor basketball and racquetball courts, four fireplaces, and a wine room. However, in 2016 the house was sold for $2.85 million.
Paul was criticized for his strategies and developed hostility among several companies that he had tried to possess. Paul was charged with securities and tax fraud by a Manhattan court, in Dec1988.
Paul was filed for bankruptcy double in 1991 and 2001. So as to avoid his creditor's grasp of the worth of his assets, the SEC (Securities and Exchange Commission) claimed that Paul was actually faking his bankrupt.
Later his wife had to sell their house and all the money had to be split between her and the ‘SEC.’ The issue became a heavily highlighted topic within the media.