Dan Bilzerian Under Serious Investigation for FRAUD at Ignite

[Music] so how did you make your money playing poker you made it all play in poker yeah hello and welcome back to toasty business does the name dan bilzerian ring a bell the multi-millionaire poker player trust fund entrepreneur is known to have quite a lot of controversy surrounding him now that he is the founder and ceo of a multi-million dollar cannabis company known as ignite the controversies have been even greater than ever so to have a perfect understanding of what's going on with dan it's important that we first learn more about his company what he does and why he suddenly is under the risk of going to prison make sure you watch until the end as that is the only way you can have a full understanding of what's going on you might have come across the name dan bilzerian on instagram this is because he is an instagram celebrity with over 32 million followers notorious for posting several photos depicting luxury with countless naked women and expensive wines what most people don't know about bilzerian is the fact that he is an entrepreneur in the cannabis sector with a company known as ignite international brand plc dan is known for posting several photos on instagram with countless models while also posing their stacks of money and this literally means physical stacks of money also he made an announcement on his instagram in late august about giving five thousand dollars to any individual who could give him a great title for his new book yes he's that generous when it comes to cash but it's not as beautiful as it seems on his social media page now according to the report that was released earlier in june the company which dabbles into cbd and his products made an accumulated loss of over 50 million dollars in 2019 now this is crazy for a number of reasons first of all this marks the year the company publicly traded their shares how then did they manage to make such a loss before we calculate how this loss happened it is perhaps important that we determine whose money disappeared ignite's primary source of income came from investors shares sold and loans linda menzel is the general council for ignite and in a bid to understand the story behind the loss the media expected her to release a statement explaining the situation but at the time of this video nothing has been said about that story this pushes us to only one place to find answers the company's annual report according to the books the company made money through two major ways in 2019 the company sold shares of its company stock and they made money through taking debts from various financial institutions it made a total of 25 million dollars from the sales of shares and another 19.9 million dollars from convertible debt lastly the company made another 23.7 million dollars from a certain short-term promissory note well technically this means that if you have shares with ignite you have money with them since they recorded a tremendous loss you might reconsider keeping your shares according to reports ignite went on a spending spree spending more than to crude and even when its stocks had tanked woefully the company's official body of information claims that they operated in ireland mexico canada and the united states and the united kingdom according to ignite their cbd products are available in several stores across these countries the company is also in the business of clothing and fashion water and vodka if the company does all these things they claim to do then how did they manage to lose over 50 million dollars in one year now ignite is renowned for hosting large lavish parties these aren't just parties with drinks and expensive houses these parties have the most exquisite meals models and alcohol if we were to run a rough calculation of how much each model gets paid for showing up at these parties we're talking in the millions this is how expensive each ignite party is in 2019 alone ignite made a loss of over 43 million dollars on promotion and marketing this also involves compensation for staff and executive members office leases and so on now here's the catch it's not a new thing for companies in silicon valley to make that sort of a loss in fact companies in the past have made more than that furthermore the company made total sales of 9.6 million dollars but went on to spend an additional 18.4 million on general and administrative costs now these administration costs give us an inkling into where bilzerian finds the money to fund his expensive lifestyle all of these get more complicated when you realize that dam is the son of the renowned fraudster paul bilzerian paul bilzerian according to the securities and exchange commission still owes them over 62 million dollars an amount which he extorted during his time on wall street today his son is the beneficiary of a trust fund which his father had set up for him years back even though he is still in business with some of the companies his father was involved with he has not been directly accused of any crimes by the authorities but that might not be for long if the yachts models cars stacks of cash and guns that are usually seen on bilzerian's instagram are in any way related to the company because some of these items are usually branded with the company's logo then there's a good chance that they are all paid for with company cash but does that make it wrong research has shown that bilzerians has stakes in other companies located in nevada and montana however the bulk of his cash comes from ignite unfortunately the loss was so heavy that the company's executives believe it needs money from private investors to keep going here is a passage from the company's director's memo the company will need to raise capital in order to fund its operations and continue its existing and prospective expansion into strategic markets this need may be adversely impacted by uncertain capital market conditions including those created by the covent 19 pandemic an inability to secure strategic partnerships in key markets and an unfavorable perception of the ignite brand although the company has been successful in the past in obtaining financing there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms that are acceptable to the company they stated the uncertainty of the company's ability to achieve profitable operations and its success in raising additional capital funding may cast significant doubt on the company's ability to continue as a growing concern but in the past few days new information has emerged which might implicate dan and the fate of his company curtis heffernan is the former vice president of ignite and he was fired in june due to reasons not known to the public however after leaving the company he decided to take it upon himself to reveal the reason why he was let off by the company and the reason is as crazy as he thought it might be heaven and was fired because he failed to approve the expensive lifestyle and expenditure of the ceo the budget the vice president refused to approve contained a ping pong table that cost as much as fifteen thousand dollars it also contained a rock climbing wall which cost forty thousand dollars and a bahamian photo shoot a june report by the company's auditors flagged expenses that were unusually large or appeared to be personal in nature including an ignite payment of 50 of 793 thousand dollars for a yacht rental 128 thousand dollars for a two-night stay in london and instacart deliveries of razors trash bags and laundry detergent according to the lawsuit seeing that he was unjustly sacked for only trying to do his job having them find a lawsuit against the company he also claimed that he mischaracterized a loan that he was received from the federal government's coronavirus aid and wrote it down as income because he was told to do so by ignite now the lawsuit contains a report from june this year of the same company which the auditors immediately found extravagant the father of dan bilzerian has also started to make headlines after the lawsuit mentioned that he is involved in the company these allegations are very serious because dan bilzerian's father paul basarian is no longer allowed to operate a public company due to being a convicted felon according to the complaint paul bilzerian was allegedly involved in management meetings at the ignite company and still is involved in making decisions alongside his son if you're interested to hear more about this we actually have a video where we go into more in-depth detail into ignite's ties with paul bilzerian just check out the link in the description that's it for today's video while you're here go ahead and click on one of these two videos on your screen see you there

Channel: Voyager

Views: 373,851

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Id: c8pmtDaNTrU

Length: 8min 5sec (485 seconds)

Published: Wed Oct 07 2020