![]() "I think he was a little smarter than those who were trying to pursue him," saysĪ former SEC lawyer, says that when she took over the case for the agency in the mid-1990s, she was alarmed at how little progress had been made. Although these arguments didn't prevail, bankruptcy-related litigation stalled the SEC's effort to collect for years. He also said any debt to the SEC should have been discharged in his bankruptcy. Bilzerian said that after he was in bankruptcy, the SEC judgment should have been dropped, since its purpose was to return ill-gotten assets and he no longer had any significant assets. And although the cost exceeded the recovery, even counting nearly $400,000 in interest on what was collected, she says the effort was worthwhile because not enforcing judgments undermines the agency's effectiveness. "We had to fight literally for every penny," she says. Says she is trying to conclude her work by year-end. "The successes of our collection efforts are unmatched." "We are very aggressive in seeking to collect unpaid debts when assets are available and have a dedicated team of expert litigators exclusively devoted to pursuing debtors," Mr. Judgments can become uncollectable when defendants die or get jailed or when companies fail. The SEC says it has a collections unit to seize assets and wages and to contest bankruptcy filings, and has collected on some decades-old judgments. After that, they moved quickly to have him held in contempt of court, officials say. Bilzerian, but were prohibited from enforcing the judgment for seven years because of a bankruptcy filing he made. SEC officials say they did as much as possible to collect from Mr. Says, "You can go after more crooks or you can spend your life trying to chase down money from crooks who are devoting their life" to not paying. "Once they get the judgment and the play of the press…they are not really good at enforcement," says ![]() That record partly reflects limited expertise in the collection process, according to former government lawyers. That was down from 63% in the prior three-year period. 30, the SEC says it collected 42% of the amounts defendants were ordered to pay during those years in fines and disgorgement of ill-gotten gains. The SEC has struggled to collect its penalties more broadly as well. That included assets set aside for sonĪ social-media star who has attracted millions of online followers by flaunting his exploits with cars, guns, bikini-clad women and high-stakes poker. His signing immediately ruffled feathers when he controversially called Vanessa Kade, who was critical of his signing, a “hoe” on his first day on the job.He appealed legal setbacks, tied up regulators with dozens of lawsuits and motions-often acting as his own lawyer-and used offshore and domestic trusts, partnerships and charities to protect assets for his family. That is when it was announced he was joining GGPoker as an ambassador. ![]() When it comes to poker, Bilzerian has made the headlines – both good and bad – since December 2020. Is Dan Bilzerian Destined to Take on an NFL Owner in $100M Game of Poker? Bilzerian’s Time in the Limelight Continues ![]() However, this past week the SEC clarified by issuing a statement that it “is continuing its fact-finding investigation and, to date, has not concluded that any individual or entity has violated the federal securities laws.” In a court filing, SEC staff attorney Patricia Pei alleged “possible violations of the antifraud provisions of the federal securities laws” and that uncovered information “indicates may have filed public financial statements that include false or misleading representations” in 2020. According to The Globe and Mail, Bilzerian’s company, which traded under "BILZ-CN.” peaked in 2019 with a market capitalization of more than $750-million however, it had dropped to approximately $170 million when it stopped trading in North America. ![]()
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