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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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time
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061989
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06198900.011
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1990-09-22
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BUSINESS, Page 49Business NotesSECURITIES FRAUDA Raider's Painful Reward
Florida real estate investor Paul Bilzerian was determined to
become a successful corporate raider. In 1985 and 1986 he
attempted, and failed, to take over four different companies. In
early 1988 the 38-year-old maverick managed to acquire defense
contractor Singer by bidding for it when no one else would, right
after the stock-market crash. Last week, however, Bilzerian finally
made what will probably be his most lasting mark on Wall Street.
In the first jury verdict to arise out of the Government's
three-year crackdown on insider trading, Bilzerian was convicted
on nine counts of securities fraud and tax violations.
The federal jury in Manhattan found that Bilzerian had
concealed his ownership of stock during some of his takeover bids
in order to make millions of dollars in illegal profits. Bilzerian,
who plans to appeal, was also convicted of misleading the
Securities and Exchange Commission. Scheduled to be sentenced on
Aug. 16, Bilzerian faces a possible 45-year prison term and $2.25
million in fines.