Natin[1] "Nate" Paul (born 1987 in Victoria, Texas)[2] is an American real estate developer, who founded the real estate firm World Class Capital Group. Paul is at the center of the abuse-of-office complaints that ultimately led to the 2023 impeachment and suspension of Attorney General of Texas Ken Paxton: 6 of the 20 articles of impeachment against Paxton in 2023 mention Paul by name.[3]
Early life and career
editPaul was raised in Victoria, Texas, by parents who immigrated from India.[2] Using a $6,000 loan from his father, he founded his first business, a DJ company, at the age of 9.[4] In 2002, at age 15, he moved to Austin to attend St. Michael's Catholic Academy.[4] He subsequently enrolled at the University of Texas at Austin.[1]
In 2006, he founded real estate development firm World Class Capital Group.[5] In 2007, he bought his first apartment building, flipped it three months later, and used the profits to purchase five more buildings; in 2008, he dropped out of university to run his business full time.[1] In 2010, he began making political donations.[6]
In November 2016 Paul was listed on Forbes 30 Under 30,[7] a pick the publication regretted seven years later, placing Paul on its Hall of Shame, featuring ten picks it wished it could take back.[8][9]
Legal issues
editRole in impeachment of Ken Paxton
editIn 2019, the FBI and Department of the Treasury raided Paul's home and business.[10][11] Before the raid, in October 2018, Paul made a $25,000 donation to Texas Attorney General Ken Paxton. Following the donation, Paxton was the subject of whistleblower complaints from his aides that he used his office to help Paul's business interests and intervened on Paul's behalf.[11]
Other legal issues
editIn 2022, Avery Bradley sued Paul for $8M, claiming that Paul had mismanaged Bradley's $6.75M investment.[12]
In March 2023, Paul was sentenced to 10 days in jail for contempt of court and fined $180,000 for lying in district court about money transfers in violation of a court order.[5] The Supreme Court of Texas stayed the sentence pending appeal.[13][11]
On June 8, 2023, Paul was arrested and booked into the Austin jail on a warrant issued by the FBI.[14] According to the New York Times, "an eight-count felony indictment by a federal grand jury, unsealed Friday morning, alleges that Mr. Paul lied about his liabilities, his liquidity and the balance in his bank accounts, and that he falsified documents to obtain millions of dollars in loans that he would have otherwise been unable to obtain."[15]
References
edit- ^ a b c The 30-Year-Old Texas Tycoon Who Is Building A Real Estate Empire, by Nathan Vardi, in Forbes (July 26, 2017 issue); retrieved May 28, 2023
- ^ a b Who is Nate Paul, the real estate investor linked to abuse-of-office allegations against Texas Attorney General Ken Paxton?, by Edgar Walters and Dan Rosenzweig-Ziff; in The Texas Tribune; published October 7, 2020; retrieved May 28, 2023
- ^ A look at the 20 articles of impeachment against Texas Attorney General Ken Paxton at the Associated Press; published May 27, 2023; retrieved May 28, 2023
- ^ a b Budding tycoon balances business with high school classes, by Colin Pope, in the Austin Business Journal; published February 11, 2005; retrieved May 28, 2023, via archive.org
- ^ a b Who is Nate Paul, the Austin real estate investor with connections to Ken Paxton?, in the Houston Chronicle; published May 27, 2023; retrieved May 28, 2023
- ^ Who is Nate Paul? Linked to Paxton complaint, Austin businessman is known for real estate empire, legal woes, by Bob Sechler and Shonda Novak; in the Austin American-Statesman; published October 4, 2020; retrieved May 28, 2023
- ^ "30 Under 30 2016: Finance". Forbes.
- ^ "Hall of Shame: The 10 Most Dubious People Ever to Make Our 30 Under 30 List". Forbes.
- ^ "Forbes publishes 30 Under 30 "Hall of Shame."". 29 November 2023.
- ^ The FBI Raid Of Texas Real Estate Investor Nate Paul, by Nathan Vardi, at Forbes; published August 8, 2019; retrieved May 28, 2023
- ^ a b c Barragan, James (2023-06-14). "Nate Paul, Austin developer at center of Ken Paxton impeachment, arrested in Travis County". Texas Tribune. Retrieved 9 June 2023.
- ^ NBA player Avery Bradley sues Nate Paul for $8M, at TheRealDeal.com; published December 29, 2022; retrieved May 28, 2023
- ^ Austin real estate investor Nate Paul gets a second temporary reprieve from jail, by Shonda Novak, in the Austin American-Statesman; published April 10, 2023; retrieved May 28, 2023
- ^ Nate Paul, Austin developer at center of Ken Paxton impeachment, arrested in Travis County, by James Barragán, William Melhado, and Patrick Svitek, in the Texas Tribune; published June 8, 2023; retrieved June 8, 2023
- ^ Investor Linked to Paxton’s Impeachment Is Charged With Lying to Lenders, by Edgar Sandoval and David Montgomery, in the NYTimes; published June 9, 2023; retrieved June 9, 2023