Wall Streeter evading $62M fine for 25 years

By Staff | September 26, 2014 | Last updated on September 26, 2014
1 min read

Paul Bilzerian lives in voluntary exile on the Caribbean island of St. Kitts. He’s been avoiding a US$62 million SEC penalty since 1989, reports the Wall Street Journal.

Bilzerian allegedly committed securities fraud. The fine is a civil court judgment. The SEC has managed to collect $3.7 million of it, but the work involved cost the commission $8.6 million. The regulator is winding down its efforts to get Bilzerian to pay up.

Bilzerian says he’s being wrongly punished. The Journal says he’s put his money in foreign trusts, charities and partnerships to avoid the fine.

Read more here.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.