disinfozone/The_Info_Web
1
0
Fork 0
Code Issues Pull requests Projects Releases Packages Wiki Activity Actions

Fresh start from commit 85df488cc66fa4934e54d62f1eaeffd274743b7a

Browse source
This commit is contained in:
disinfo.zone 2025-08-05 00:33:58 -04:00
commit 2dffe9e0bb
1282 changed files with 19990 additions and 0 deletions
Download patch file Download diff file Expand all files Collapse all files

29
10 - PEOPLE/(N-S)/David L. Paul.md Normal file
View file

@ -0,0 +1,29 @@
---
tags: ["Person", "Real Estate Developer", "Banker"]
---
David L. Paul was a real estate developer and owner of [[CenTrust Savings Bank]] of [[Miami]].[^1]
### Business and Financial Activities
Paul put CenTrust on a significant growth curve using brokered deposits, which he funneled into high-risk real estate loans, junk bonds, and offbeat investments.[^2] He built a gleaming postmodernist skyscraper for CenTrust, which cost $180 million and featured marble, gold-plated bathroom fixtures, and a $13 million Peter Paul Rubens painting.[^3] He also spent $7 million on a ninety-five-foot yacht with a marble fireplace.[^4]
Paul, along with [[Ghaith Pharaon]] and [[Agha Hasan Abedi]], engineered a sham purchase of CenTrust debentures. Pharaon, acting as a front for [[Bank of Credit and Commerce International|BCCI]], bought $24,668,750 of CenTrust's bonds in 1987. Paul secretly repurchased these bonds less than a year later, and Pharaon received a commission.[^5] This transaction allowed CenTrust to satisfy regulators and remain open for an additional year, costing U.S. taxpayers an estimated $2 billion when it was finally closed.[^6]
### Political Connections and Legal Issues
Paul had extensive political contacts, giving $300,000 to Democratic politicians and raising more.[^7] He was appointed financial chairman of the Democratic Senatorial Campaign Committee in 1987 by Senator [[John Kerry]].[^8] His personal calendar showed frequent meetings with numerous senators and other key political figures.[^9]
In 1992, Paul and Pharaon were indicted together by the [[Justice Department]] in Miami for the bond-swap conspiracy.[^10] His business practices and connections were scrutinized during the BCCI scandal, highlighting the intertwined nature of finance and politics.
## Footnotes
[^1]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 10.
[^2]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 218.
[^3]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 218.
[^4]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 218.
[^5]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 220.
[^6]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 85.
[^7]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 218.
[^8]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 218.
[^9]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 221.
[^10]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 221.