David L. Paul

Add links
Source: Wikipedia, the free encyclopedia.
David L. Paul
Born(1939-05-01)May 1, 1939
Wharton School, University of Pennsylvania (B.A.)
Columbia University (M.B.A)
Columbia University (J.D)
Occupation(s)real estate developer, banker, philanthropist
Spouse(s)Lynn P. Goelet (divorced)
Joy Fererh Germont Simons (divorced)
Sandy Paul
Children3
FamilyBruce Wolosoff (brother-in-law)
Robert A. Paul (brother)

David Lewis Paul (May 1, 1939 – January 18, 2022) was an American banker, real estate developer, philanthropist and founder of CenTrust Bank.

Biography

Paul was born in on May 1, 1939, in Miami

Wharton School of the University of Pennsylvania.[4]

He started his career in

CenTrust Tower.[3] In 1989, CenTrust lost $119 million[3] and in 1990, Centrust lost $1.7 billion and was seized by the federal government[6] after "excessive and inappropriate expenses and investments."[3] Paul was ousted as chairman.[6]

Conviction

On November 25, 1993, Paul was convicted of fraud in Federal Court for making personal use of CenTrust's funds while the savings and loan was failing.[6] Paul was convicted on 68 counts consisting of 47 counts of bank fraud, 9 of misapplication of Centrust funds, 5 of filing false tax returns, 4 of mail fraud, 2 of obstruction of regulators, one count of conspiracy and one count of making false entries on Centrust books.[6] Facing a maximum of 350 years in prison[6] he was sentenced to 11 years in prison and ordered to pay $65 million ($60 million in restitution and a $5 million fine).[7] He was released in 2004.[8]

Philanthropy and political contributions

Paul donated $500,000 to the

Richard Gephardt's presidential campaigns as well as the Democratic Senatorial Campaign Committee.[3]

Personal life

Paul was married three times. In 1965, he married Lynn Pamela Goelet of the influential

Jewish ceremony at the Plaza Hotel in Manhattan;[9] they had two sons, Michael and David,[1] before they divorced.[3] He was introduced to his second wife, Joy Fererh Germont Simons (sister of composer Bruce Wolosoff) by fellow real estate developer and sometimes partner Sol Atlas; they divorced 2 months later.[10][11] Paul's third marriage was to Sandy Paul;[3] they had one daughter, Deanna, before divorcing and she remarried real estate developer Stephen Muss.[12]

Paul died from COVID-19 related causes on the morning of January 18, 2022, at Mt. Sinai hospital in New York City.[1]

References

  1. ^ a b c "Obituary: David Paul, former chairman of Miami CentTrust, dies at age 82". Jnews.uk. January 20, 2022.
  2. ^ Florida Trend Magazine: "Florida Icon - David L. Paul, Former chairman, CenTrust Savings Bank, age 71" by Mike Vogel July 1, 2010
  3. ^ a b c d e f g h i j k l m n Washington Post: "The Banker's Toppled Tower" by Myra MacPherson March 19, 1990
  4. Newspapers.com
    .
  5. ^ a b Chicago Tribune: "Developer Charges Bank Sabotaged 666 Project" by David Ibata March 04, 1985
  6. ^ a b c d e New York Times: "Ex-Chief of Centrust Bank Is Convicted on 68 Charges" November 25, 1993
  7. ^ New York Times: "11-Year Sentence for Chief of Failed S.& L." December 2, 1994
  8. ^ Orlando Sentinel: "Icon of S&I Extravagance, David Paul, Revels in freedom" by Maya Bell August 3, 2004
  9. Newspapers.com
    .
  10. ^ St. Louis Post-Dispatch: " 'Extraordinary Tragedy' Of Judge Sol Wachtler" November 18, 1992 | "she married again. This time it was to David Paul, a divorced real estate developer and financial wunderkind who would be indicted years later in the Bush administration savings and loan scandal. They were introduced by her father's friend and sometime partner, mega-developer Sol Atlas. The marriage began in a Las Vegas wedding parlor and ended in annulment in Santo Domingo in less than two months"
  11. ^ New York Times: "Judge and Heiress: The Rise and Fall of a Private Affair" by Catherine S. Manegold November 15, 1992
  12. ^ Fool's Paradise: Players, Poseurs, and the Culture of Excess in South Beach By Steven Gaines pages 100 -110
Retrieved from "https://en.wikipedia.org/w/index.php?title=David_L._Paul&oldid=1219195502"