Paul A. Bilzerian was indicted Thursday by a federal grand jury in California for allegedly dodging a decades-old judgment owed to the U.S. Securities and Exchange Commission that now exceeds $180 million. Prosecutors say Bilzerian, described as a corporate takeover specialist, avoided paying the judgment even as he ran Ignite, a cannabis and lifestyle brand company purportedly helmed by his social media influencer son, Dan Bilzerian.
The latest charges trace to 1989, when Bilzerian was convicted of securities and tax-fraud violations related to three failed takeover attempts. He was sentenced to four years in federal prison, but ultimately served 13 months. The SEC then brought a civil action against Bilzerian and obtained judgments totaling more than $62 million in 1993. Since then, prosecutors say, Bilzerian has evaded enforcement.