Behind the scenes, there have been whisperings of Dan Bilzerian’s father, Paul Bilzerian, who is a convicted fraudster, is running Ignite behind the seams. Bilzerian Sr. reportedly owes the Securities and Exchange Commission (SEC) over $50 million in fines.
If Bilzerian Sr. is running Ignite behind the scenes, it would certainly raise legal questions since felons are prohibited from running publicly traded companies. With Bilzerian’s father at the helm, one wonders if Ignite can be saved from financial ruin.
A recent annual report by the board of directors for Ignite shows that the company hasn’t fared any better in 2020 due to the coronavirus.
“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 COVID—19 pandemic, an inability to secure strategic partnerships in key markets, and an unfavorable perception of the IGNITE brand,” said the board.