If Dan Bilzerian had listened to his father and not taken his marijuana company public, the brash Instagram celebrity’s Ignite International Brands might not currently be under investigation by both the U.S. Securities and Exchange Commission and the Department of Justice.
“There is no reason to have a public company unless you intend to raise capital” from public markets, as Dan Bilzerian’s father, Paul, told MJBizDaily in an interview last month.
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Paul Bilzerian, who said he is now serving as an unpaid adviser to his son’s company, was speaking on behalf of Ignite because Dan was unavailable to comment.
Paul Bilzerian
The elder Bilzerian himself is a notorious one-time corporate raider who served time in prison for securities fraud and famously managed to hide most of a $62 million SEC judgment from being collected.
Before Ignite went private in August, investigators from both the SEC and the FBI
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