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May 3, 1989 | PAUL RICHTER, Times Staff Writer
Takeover artist Paul A. Bilzerian was a "phony" who deceived investors, corporate targets and the government to make millions in hostile raids, a federal prosecutor charged Tuesday at the opening of Bilzerian's securities fraud trial. Bilzerian, who is chairman of Singer Co., borrowed other people's money to make himself appear formidable to corporate targets, Assistant U.S. Atty. David Brodsky said in his opening statement. On top of that deception, Bilzerian hid his ownership of stock under the name of former securities executive Boyd L. Jefferies to strengthen his hand in raids, Brodsky charged.
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BUSINESS
September 28, 1989 | SCOT J. PALTROW, Times Staff Writer
A federal judge Wednesday sentenced former Singer Co. Chairman Paul A. Bilzerian to four years in prison and a $1.5-million fine for the nine counts of securities and tax fraud on which he was convicted in June. U.S. District Judge Robert J. Ward said he was convinced that a prison sentence was warranted, even though Bilzerian had never before been convicted of a crime, because the former corporate raider had lied on the witness stand during his trial.
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BUSINESS
June 1, 1989 | SCOT J. PALTROW, Times Staff Writer
Paul A. Bilzerian, on trial for alleged securities and tax fraud, denied Wednesday that he had false invoices drawn up to hide an illicit trading arrangement with the Los Angeles-based brokerage firm Jefferies & Co. The Singer Co. chairman's testimony came as his defense lawyers struggled to formulate a new strategy in the face of an adverse ruling Tuesday by U.S. District Judge Robert J. Ward. The judge had ruled that if Bilzerian testifies he acted in good faith, believing that he was within the law when he filed allegedly false documents with the Securities and Exchange Commission in 1985 and 1986, then he would give up his right to keep confidential the advice he had received at the time from his own lawyers.
BUSINESS
September 27, 1989 | From Associated Press
Former Singer Co. Chairman Paul A. Bilzerian was sentenced today to four years in prison and fined $1.5 million for federal securities and tax law violations related to three takeover attempts and a stock deal. The sentence for Bilzerian, 39, a one-time corporate raider who made a stunning raid on Singer, was the largest handed down in the government's three-year crackdown on Wall Street crime. U.S. District Judge Robert L.
BUSINESS
June 30, 1989 | SCOT J. PALTROW, Times Staff Writer
Paul A. Bilzerian resigned Thursday as chairman and chief executive of Singer Co., hours after the Securities and Exchange Commission filed civil securities fraud charges against him and shopping center magnate Edward J. DeBartolo Sr. The resignation came amid mounting legal troubles for Singer and for Bilzerian, who was convicted June 9 on criminal securities and tax fraud charges. The SEC charges filed Thursday included the first public accusation that Bilzerian committed fraud in his $1.06-billion takeover of Singer in February, 1988.
BUSINESS
June 29, 1989 | From Times wire services
The Securities and Exchange Commission today filed a civil suit charging corporate raider Paul A. Bilzerian and shopping center developer Edward J. DeBartolo Sr. with fraud in the takeover of Singer Co. and seeking $31.3 million in alleged illegal profits. Bilzerian, DeBartolo and three others were charged in the lawsuit filed in U.S. District Court in Washington. DeBartolo and two associates agreed to pay a total of more than $3 million to settle the charges, which included insider trading and aiding Bilzerian in concealing the true source of funding in two transactions.
BUSINESS
April 12, 1989
Bilzerian Charge Dropped: A federal judge dismissed one of 12 felony counts against Singer Co. Chairman Paul A. Bilzerian but refused to shift the securities fraud trial to Tampa, Fla., where the corporate takeover specialist lives. Bilzerian, 38, is accused of violating securities and tax laws, conspiracy and making false statements in connection with four failed takeover transactions in 1985 and 1986. U.S. District Judge Robert J. Ward dismissed one count of making false disclosure statements in a transaction with Armco Inc. The defense had asked Ward to dismiss all the charges.
NEWS
June 9, 1989 | From Associated Press
Singer Co. Chairman Paul A. Bilzerian was convicted today of all nine counts of securities fraud and tax violation in federal court in Manhattan. The panel of six men and six women returned its verdict on the second day of deliberations. The conviction was the first jury verdict in the government's more-than-three-year crackdown on Wall Street crime. The Bilzerian case was indirectly spun off from the Ivan Boesky insider trading scandal. It was the first prosecution of a corporate raider using information derived from the Boesky investigation.
BUSINESS
June 10, 1989 | SCOT J. PALTROW, Times Staff Writer
Paul A. Bilzerian, who rose from humble origins to become a corporate raider and chairman of Singer Co., was convicted Friday on nine counts of securities fraud and tax fraud. The case, which charged that Bilzerian's takeover attempts relied in part on fraud, gave federal prosecutors their first guilty verdict in the chain of big Wall Street securities fraud and insider trading cases sparked by information from former stock speculator Ivan F. Boesky. The others have resulted in guilty pleas or mistrials or are pending.
BUSINESS
June 21, 1989
Milken Highest-Paid Wall Streeter: Indicted financier Michael Milken was the highest-paid Wall Street professional in 1988, earning more than $180 million as "junk bond" chieftain for Drexel Burnham Lambert, according to estimates compiled by Financial World magazine. Milken was one of two executives in the top 10--along with Singer Co. Chairman Paul A. Bilzerian--indicted or convicted this year for securities laws violations. Gordon Cain, chairman of the petrochemical concern Sterling Group, was second with $120 million.
BUSINESS
June 30, 1989 | SCOT J. PALTROW, Times Staff Writer
Paul A. Bilzerian resigned Thursday as chairman and chief executive of Singer Co., hours after the Securities and Exchange Commission filed civil securities fraud charges against him and shopping center magnate Edward J. DeBartolo Sr. The resignation came amid mounting legal troubles for Singer and for Bilzerian, who was convicted June 9 on criminal securities and tax fraud charges. The SEC charges filed Thursday included the first public accusation that Bilzerian committed fraud in his $1.06-billion takeover of Singer in February, 1988.
BUSINESS
June 29, 1989 | From Times wire services
The Securities and Exchange Commission today filed a civil suit charging corporate raider Paul A. Bilzerian and shopping center developer Edward J. DeBartolo Sr. with fraud in the takeover of Singer Co. and seeking $31.3 million in alleged illegal profits. Bilzerian, DeBartolo and three others were charged in the lawsuit filed in U.S. District Court in Washington. DeBartolo and two associates agreed to pay a total of more than $3 million to settle the charges, which included insider trading and aiding Bilzerian in concealing the true source of funding in two transactions.
BUSINESS
June 21, 1989
Milken Highest-Paid Wall Streeter: Indicted financier Michael Milken was the highest-paid Wall Street professional in 1988, earning more than $180 million as "junk bond" chieftain for Drexel Burnham Lambert, according to estimates compiled by Financial World magazine. Milken was one of two executives in the top 10--along with Singer Co. Chairman Paul A. Bilzerian--indicted or convicted this year for securities laws violations. Gordon Cain, chairman of the petrochemical concern Sterling Group, was second with $120 million.
BUSINESS
June 10, 1989 | SCOT J. PALTROW, Times Staff Writer
Paul A. Bilzerian, who rose from humble origins to become a corporate raider and chairman of Singer Co., was convicted Friday on nine counts of securities fraud and tax fraud. The case, which charged that Bilzerian's takeover attempts relied in part on fraud, gave federal prosecutors their first guilty verdict in the chain of big Wall Street securities fraud and insider trading cases sparked by information from former stock speculator Ivan F. Boesky. The others have resulted in guilty pleas or mistrials or are pending.
NEWS
June 9, 1989 | From Associated Press
Singer Co. Chairman Paul A. Bilzerian was convicted today of all nine counts of securities fraud and tax violation in federal court in Manhattan. The panel of six men and six women returned its verdict on the second day of deliberations. The conviction was the first jury verdict in the government's more-than-three-year crackdown on Wall Street crime. The Bilzerian case was indirectly spun off from the Ivan Boesky insider trading scandal. It was the first prosecution of a corporate raider using information derived from the Boesky investigation.
BUSINESS
June 1, 1989 | SCOT J. PALTROW, Times Staff Writer
Paul A. Bilzerian, on trial for alleged securities and tax fraud, denied Wednesday that he had false invoices drawn up to hide an illicit trading arrangement with the Los Angeles-based brokerage firm Jefferies & Co. The Singer Co. chairman's testimony came as his defense lawyers struggled to formulate a new strategy in the face of an adverse ruling Tuesday by U.S. District Judge Robert J. Ward. The judge had ruled that if Bilzerian testifies he acted in good faith, believing that he was within the law when he filed allegedly false documents with the Securities and Exchange Commission in 1985 and 1986, then he would give up his right to keep confidential the advice he had received at the time from his own lawyers.
BUSINESS
May 29, 1989
Restrictions Put on Singer Co.: The firm has been barred from selling any of its assets or paying stock dividends pending a lawsuit about claims that a former subsidiary defrauded the government. The company, named as a co-defendant in a civil suit against its former Link Flight Simulation division, was also ordered not to incur any new debt or make any payments to investor Paul A. Bilzerian, the Florida financier who acquired the company last year. The preliminary injunction was sought by the Justice Department, which last March joined the $231-million lawsuit that had originally been filed by a former Link Flight pricing administrator.
BUSINESS
November 4, 1985
U.S. District Judge Leonard Sand in New York ordered an extension of Paul A. Bilzerian's tender offer for Cluett, Peabody and for Cluett's own exchange offer in order to provide more time to hear the legal challenges filed by each party. As a result, the proration and withdrawal deadline of Cluett's exchange offer, which was originally Friday, is now Nov. 12 and the offer expires Nov. 29. Withdrawal rights on the Bilzerian tender offer will expire Nov. 15, with the tender offer expiring Nov.
BUSINESS
May 31, 1989 | SCOT J. PALTROW, Times Staff Writer
Singer Co. Chairman Paul A. Bilzerian took the witness stand Tuesday for the first time in his criminal securities fraud trial, but his testimony was interrupted by a legal dispute that could allow prosecutors to call the former corporate raider's own lawyers as witnesses. Bilzerian's main defense is that he didn't have criminal intent when he arranged with the Los Angeles brokerage firm Jefferies & Co. to secretly buy and hold blocks of stock for him in four companies that were takeover targets in 1985 and 1986.
BUSINESS
May 29, 1989
Restrictions Put on Singer Co.: The firm has been barred from selling any of its assets or paying stock dividends pending a lawsuit about claims that a former subsidiary defrauded the government. The company, named as a co-defendant in a civil suit against its former Link Flight Simulation division, was also ordered not to incur any new debt or make any payments to investor Paul A. Bilzerian, the Florida financier who acquired the company last year. The preliminary injunction was sought by the Justice Department, which last March joined the $231-million lawsuit that had originally been filed by a former Link Flight pricing administrator.
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