David L. Paul | |
---|---|
Born |
Miami Beach, Florida, U.S. | May 1, 1939
Died | January 18, 2022
New York City, U.S. | (aged 82)
Education |
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 |
Children | 3 |
Family |
Bruce 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.
Paul was born in on May 1, 1939, in Miami [1] [2] to a Jewish family, the son of Ruth (née Goldstein) and Isadore Paul. [3] His father founded a chain of dry cleaning stores and died when he was ten. [3] His mother took her sons David L and Robert A. Paul first to Scranton, Pennsylvania where they stayed with her mother while Ruth was finding a place in New York for her and her two sons. Paul graduated from the Cheshire Academy in Cheshire, Connecticut and then the Wharton School of the University of Pennsylvania. [4]
He started his career in Connecticut where his company, Paul Properties, built two controversial apartment buildings. [3] He then took control of a Massachusetts Real Estate Investment Trust called the Westport Company. [3] In 1979, Westport purchased the American Furniture Mart in Chicago for $6.5 million with plans to convert it into apartments. [5] In 1983, Paul purchased the near bankrupt Dade Savings and Loan Association through the transfer of 92% of his interest in Westport, [5] renaming it CenTrust Bank. [3] By 1988, CenTrust was the largest thrift institution in the southeastern United States with $8.2 billion in assets. [3] He built the $90 million, I.M. Pei-designed 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]
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]
Paul donated $500,000 to the University of Miami and $100,000 to Barry University. [3] Paul served as the head of the governing body of Jackson Memorial Hospital. [3] Through his CenTrust Political Action Committee, Paul donated to both Joe Biden's and Richard Gephardt's presidential campaigns as well as the Democratic Senatorial Campaign Committee. [3]
Paul was married three times. In 1965, he married Lynn Pamela Goelet of the influential Huguenot Goelet family in a 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]
David L. Paul | |
---|---|
Born |
Miami Beach, Florida, U.S. | May 1, 1939
Died | January 18, 2022
New York City, U.S. | (aged 82)
Education |
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 |
Children | 3 |
Family |
Bruce 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.
Paul was born in on May 1, 1939, in Miami [1] [2] to a Jewish family, the son of Ruth (née Goldstein) and Isadore Paul. [3] His father founded a chain of dry cleaning stores and died when he was ten. [3] His mother took her sons David L and Robert A. Paul first to Scranton, Pennsylvania where they stayed with her mother while Ruth was finding a place in New York for her and her two sons. Paul graduated from the Cheshire Academy in Cheshire, Connecticut and then the Wharton School of the University of Pennsylvania. [4]
He started his career in Connecticut where his company, Paul Properties, built two controversial apartment buildings. [3] He then took control of a Massachusetts Real Estate Investment Trust called the Westport Company. [3] In 1979, Westport purchased the American Furniture Mart in Chicago for $6.5 million with plans to convert it into apartments. [5] In 1983, Paul purchased the near bankrupt Dade Savings and Loan Association through the transfer of 92% of his interest in Westport, [5] renaming it CenTrust Bank. [3] By 1988, CenTrust was the largest thrift institution in the southeastern United States with $8.2 billion in assets. [3] He built the $90 million, I.M. Pei-designed 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]
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]
Paul donated $500,000 to the University of Miami and $100,000 to Barry University. [3] Paul served as the head of the governing body of Jackson Memorial Hospital. [3] Through his CenTrust Political Action Committee, Paul donated to both Joe Biden's and Richard Gephardt's presidential campaigns as well as the Democratic Senatorial Campaign Committee. [3]
Paul was married three times. In 1965, he married Lynn Pamela Goelet of the influential Huguenot Goelet family in a 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]