Bilzerian Conviction Is Upheld: An appeals court...

Bilzerian Conviction Is Upheld: An appeals court upheld the conviction of former Singer Co. Chairman Paul Bilzerian, a well-known takeover investor who received a stiff sentence for securities and tax-fraud violations. Bilzerian was convicted in June, 1989, on nine counts. His sentence of four years in prison and $1.5 million fine was one of the toughest handed out in a Wall Street insider trading scandal. Bilzerian, 40, of St. Petersburg, Fla., has been free on a $250,000 bond pending the outcome of his appeal. A key witness against Bilzerian was Boyd Jefferies, former head of the Los Angeles brokerage bearing his name. The government charged that Bilzerian made millions by accumulating stock in target companies while hiding his ownership through secret accounts at Jefferies & Co. in a practice known as parking.