P.M. BRIEFING : 5 Accused of Singer Takeover Fraud

The Securities and Exchange Commission today filed a civil suit charging corporate raider Paul A. Bilzerian and shopping center developer Edward J. DeBartolo Sr. with fraud in the takeover of Singer Co. and seeking $31.3 million in alleged illegal profits.

Bilzerian, DeBartolo and three others were charged in the lawsuit filed in U.S. District Court in Washington.

DeBartolo and two associates agreed to pay a total of more than $3 million to settle the charges, which included insider trading and aiding Bilzerian in concealing the true source of funding in two transactions. Bilzerian has not settled the allegations against him.

The allegations against Bilzerian in the civil suit are similar to charges in a separate criminal case that did not involve Singer, in which Bilzerian was convicted of securities law violations earlier this month.