Editing Andrew Beal

{{short description| American banker, businessman, investor, and amateur mathematician}}
{{about|the banker|the musician|King 810}}
{{Use mdy dates|date=March 2024}}
{{Infobox person
| name               = Andy Beal
| birth_name         = Daniel Andrew Beal
| birth_date         = {{birth date and age|1952|11|29}}
| birth_place        = [[Lansing, Michigan]], U.S.
| death_date         = 
| death_place        = 
| spouse             = Susan Kaminski (divorced)<br/> Simona Beal (divorced)
| children           = 9
| occupation         = Businessman
| known_for          = Majority owner and chairman, [[Beal Bank]]
| party              = [[Libertarian Party (United States)|Libertarian]]<ref name="bankerwhosaidno">{{Cite web |last=Vardi |first=Nathan  |date=April 3, 2009 |title=The Banker Who Said No |url=https://www.forbes.com/2009/04/03/banking-andy-beal-business-wall-street-beal.html#f629bbe1a4d5 |access-date=July 22, 2020 |website=Forbes}}</ref><ref name="wsjthreefriends">{{cite news|last1=Ensign|first1=Rachel Louise|last2=Karmin|first2=Craig|last3=Benoit|first3=David|title=Donald Trump's Three Friends in Finance|url=https://www.wsj.com/articles/donald-trumps-three-friends-in-finance-1457192917|access-date=May 10, 2016|work=The Wall Street Journal|date=March 5, 2016}}</ref>
| website            = {{URL|andrewbeal.com|Official website}}
}}
'''Daniel Andrew Beal''' (born November 29, 1952<ref>''U.S. Public Records Index'', Vol 1 & 2 (Provo, UT: Ancestry.com Operations, Inc.), 2010.</ref>) is an American banker, businessman, investor, and amateur mathematician. He is a [[Dallas]]-based businessman who accumulated wealth in [[real estate]] and banking. Born and raised in [[Lansing, Michigan]], Beal is founder and chairman of [[Beal Bank]] and Beal Bank USA, as well as other affiliated companies. According to the [[Forbes list of billionaires|2025 Forbes List of Billionaires]], Beal has an estimated worth of US$12 billion.<ref>Heckler, Amber (April 2025). [https://dallas.culturemap.com/news/city-life/dfw-billionaires-forbes-richest-2025/  27 Dallas billionaires land on new Forbes list of world's richest people.] CultureMap Dallas.</ref>

A [[Number theory|number theorist]], Beal is also known for the [[Beal conjecture]],<ref>{{cite web|url=http://www.bealconjecture.com/|title=index|work=bealconjecture.com}}</ref> a mathematical generalization of [[Fermat's Last Theorem]]. He has funded a $1 million standing prize for its proof or disproof.<ref>{{cite web|url=http://www.math.unt.edu/~mauldin/beal.html|title=The Beal Conjecture|work=unt.edu}}</ref> His banks sponsor two annual science and technology fairs affiliated with the International Science & Engineering Fair.<ref>{{cite web|url=http://www.societyforscience.org/isef/|title=Intel ISEF|work=Student Science|date=May 19, 2023 }}</ref> Beal participated in some high-stakes poker games in the mid-2000s that were the subject of a book.<ref name="auto">{{cite web|last=Fletcher|first=Irwin|title=Andy Beal Versus the Corporation|publisher=Poker News|date=February 24, 2006|access-date=September 30, 2006| url=http://www.pokernews.com/news/2006/2/beal-corporation-finished.htm| archive-url= https://web.archive.org/web/20061109032906/http://www.pokernews.com/news/2006/2/beal-corporation-finished.htm| archive-date= November 9, 2006 | url-status= live}}</ref>

== Early life and education ==
Beal grew up in [[Lansing, Michigan]], where his mother worked in state government, and his father was a mechanical engineer. His siblings include an older brother and a younger sister.<ref>{{Cite web |date=2010-02-21 |title=Beal Bank owner paved his own road to becoming Dallas' richest man |url=https://www.dallasnews.com/business/2010/02/21/beal-bank-owner-paved-his-own-road-to-becoming-dallas-richest-man/ |access-date=2024-04-13 |website=Dallas News |language=en}}</ref> As a teenager, Beal began earning money by fixing and reselling used televisions with the help of his uncle. While attending high school he also installed apartment security systems. He also started a business moving houses and managed rental properties.<ref>{{cite news | url=https://www.wsj.com/article/SB110556884311724524-search.html | newspaper=The Wall Street Journal | title=Maverick Banker In Texas Chases Distressed Assets | date=January 13, 2005 | first=George | last=Anders | authorlink=George Anders }}{{Dead link|date=March 2023 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

Beal excelled on his high school debate team at [[J. W. Sexton High School|Lansing Sexton High School]] and went on to enroll at [[Michigan State University]], where he studied mathematics.<ref>{{Cite web|url=https://www.forbes.com/profile/andrew-beal/#68c9f2ea3067|title=#158 Andrew Beal|last=|first=|date=September 12, 2019|website=Forbes|url-status=live|archive-url=https://web.archive.org/web/20100924190233/http://www.forbes.com:80/profile/andrew-beal |archive-date=September 24, 2010 |access-date=September 12, 2019}}</ref>

==Business ventures and investments==

===Real estate investing===
At age 19, Beal became a [[real estate investor]] when he bought a house in Lansing for $6,500 and started leasing it for $119 per month. Beal became known for buying properties, renovating them, and selling them. In 1976, he attended an auction of federal properties in [[Washington, D.C.|Washington, DC]] and bid on an apartment building in [[Waco, Texas|Waco, TX]]. His winning bid was $217,500. Three years later he sold the building for more than $1 million. Also in 1976, he enrolled at [[Baylor University]] in Waco, TX, but left school to focus on business endeavors.

In 1981, Beal and a partner bought two housing project buildings in disrepair, the [[Brick Towers]] in [[Newark, New Jersey]], for $25,000. Two years later, they sold the repaired buildings for $3.2 million to a private investor. In 2017, he sold his [[Dallas|Dallas, TX]] estate, listed previously for $132 million, through [[Concierge Auctions]] for $36.2 million.<ref>{{cite news |last1=Clarke |first1=Katherine |title=Luxury Real-Estate Firm Concierge Auctions Fights Allegations of Fraudulent Bids |url=https://www.wsj.com/articles/luxury-real-estate-firm-concierge-auctions-fights-allegations-of-fraudulent-bids-11549568689 |work=Wall Street Journal |publisher=Dow Jones |date=March 1, 2019 |location=New York NY}}</ref>

===Beal Bank and Beal Bank USA===
In 1988, Beal opened a bank in Dallas, and in 2004, another in Las Vegas. Since then, the banks have purchased financial assets and held them as the market improved. The banks’ purchases have included:

*Power generation and infrastructure bonds during the post-Enron California rolling blackouts and energy-deregulation crisis in 2001
*Debt instruments backed by aircraft after the 9/11 terrorist attacks on the USA
*Commercial and real estate loans during the global credit crisis of 2008

Based on the Uniform Bank Performance Report from the [[Federal Financial Institutions Examination Council]],<ref>{{cite web|url=http://www.ffiec.gov/UBPR.htm|title=FFIEC UBPR Home Page|work=ffiec.gov}}</ref> Beal Bank's return on assets (ROA) was 8.1 in 2008, several times in excess of its peer group (insured savings banks with assets greater than $1 billion).<ref name="ffiec.gov">{{cite web|url=https://cdr.ffiec.gov/public/ManageFacsimiles.aspx?ReportType=283|title=View or download data for individual institutions – FFIEC Central Data Repository's Public Data Distribution|work=ffiec.gov}}</ref> From 2009 to 2012 Beal Bank generally exceeded its peer group.<ref>White, Martha C. "Five Banks That Don't Suck." Big Money. April 10, 2009: n. page. Web. September 4, 2012.</ref>

Beal Bank USA's ROA is generally several times in excess of its peer group (insured commercial banks with assets greater than $3 billion).<ref name="ffiec.gov"/>

Beal Bank and Beal Bank USA report combined total capital in excess of $2.7 billion and combined total assets in excess of $7.2 billion as of June 2019.<ref>[http://www.depositaccounts.com/banks/beal-bank.html#health] Financial summary of Beal Bank and Beal Bank USA on banking industry site depositaccounts.com</ref>

They have a total of 37 branch locations and offer online banking also. Both banks are members of and are insured by the [[Federal Deposit Insurance Corporation]] (FDIC). They offer deposit products to the public including CDs, [[money market account]]s, statement savings accounts, and IRA CD accounts that are insured by the FDIC. Because they do not offer consumer loans or checking accounts, the banks are considered wholesale banks. Both banks purchase pools of non-agency residential first liens and commercial real estate-secured loans in order to fund commercial loans and participations in loans and syndications, through affiliates.

Beal's major businesses as of 2021 include:
*[[Beal Bank]], based in Dallas
*Beal Bank USA, based in Las Vegas, NV, and founded in August 2004 (formerly Beal Bank Nevada) 
*CSG Investments. Inc.,<ref>{{cite web|url=http://www.csginvestments.com/|title=CSG Investments, Inc. – Home|work=csginvestments.com}}</ref> based in Dallas
*Loan Acquisition Corporation,<ref>{{cite web|url=http://loanacquisitioncorp.com/|title=Mortgage Loans – Loan Acquisition Corporation – Home|work=loanacquisitioncorp.com}}</ref> based in Dallas
*CLG Hedge Fund, LLC,<ref>{{cite web|url=http://www.clghedgefund.com/|title=CLG Hedge Fund – Home|work=clghedgefund.com}}</ref> based in Dallas

===Beal Aerospace===
{{main|Beal Aerospace}}
In 1997, as part of a space privatization trend encouraged by the federal government, Beal started an aerospace company to build rockets with the goal of placing communications satellites in orbit. Operating with more than 200 employees from a 163,000-square-foot space in [[Frisco, Texas]], Beal Aerospace focused on a three-stage, 200-foot-tall rocket. Powered by hydrogen peroxide and kerosene, the engine eliminated the need for a separate ignition system because, as the hydrogen peroxide oxidized, it ignited the kerosene.

Facing competition from [[NASA]]'s [[Space Launch Initiative]], Beal closed the company and ceased operations on October 23, 2000. Beal cited NASA's commercial practices as the primary reason for closing, including the difficulty private-sector launch systems face when competing with the governmental subsidies of NASA.<ref>{{Cite web|title=Beal Aerospace Closes Its Doors - Via Satellite -|url=https://www.satellitetoday.com/uncategorized/2000/11/08/beal-aerospace-closes-its-doors/|date=November 8, 2000|website=Via Satellite|language=en|access-date=May 20, 2020}}</ref><ref>{{cite press release|publisher=Beal Aerospace|date=March 23, 2000|title=Beal Aerospace regrets to announce that it is ceasing all business operations effective October 23, 2000|url=http://www.spaceprojects.com/Beal/}}</ref>

===Philanthropy===
Beal has donated millions of dollars to support science and math initiatives. Through his banks, Beal is an annual title sponsor of:
*The Dallas Regional Science and Engineering Fair,<ref>{{cite web|url=http://drsef.org/|title=The Dallas Regional Science and Engineering Fair}}</ref> affiliated with [[Southern Methodist University]]  
*The South Nevada Regional Science and Engineering Fair,<ref>{{cite web|url=http://www.unlv.edu/sciences/science-fair|title=Science Fair – College of Sciences – University of Nevada, Las Vegas|work=unlv.edu|date=July 18, 2012 }}</ref> affiliated with the [[University of Nevada, Las Vegas]]

Both fairs are sanctioned events of the International Science & Engineering Fair, and open to students in grades 6 through 12 with winners moving on to national and international competitions.

Beal Bank was the sponsor for the ''Chemistry'' category of the [[International Science and Engineering Fair]] (ISEF), held in Dallas in May 2023.<ref>{{Cite web|url=https://projectboard.world/isef/viewAll?category=CHEM&page=college-hall|title=2023 Finalist Projects|website=Regeneron ISEF 2023 Virtual Showcase}}</ref>

Beal also donated $1 million to the Perot Museum of Nature and Science<ref>{{cite web|url=http://www.perotmuseum.org/giving/major-gifts.html|title=Major Gifts|work=Perot Museum of Nature and Science}}</ref> in Dallas, which opened in December 2012. Beal's companies donated more than 200 computers to the Dallas Independent School District <ref>{{cite web|url=http://www.dallasisd.org/site/default.aspx?PageID=1|title=Dallas Independent School District / Dallas ISD Home|work=dallasisd.org}}</ref> for student use.

== Beal conjecture ==
{{main|Beal conjecture}}

In 1993, Beal released the [[Beal conjecture]], that implies [[Fermat's Last Theorem]] as a [[corollary]]. To encourage research on the conjecture, Beal funded a standing prize of $1 million for its proof or disproof. The funds are held in trust by the [[American Mathematical Society]],<ref>{{cite web|url=https://www.ams.org/home/page|title=American Mathematical Society}}</ref> and an informational website on the Beal Conjecture is hosted by the [[University of North Texas]].<ref>{{cite web|url=http://www.bealconjecture.com|title=index|work=bealconjecture.com}}</ref>

As of January 2025, the Beal Conjecture prize remains unclaimed.

==Poker==
During visits to [[Las Vegas]] between 2001 and 2004, Beal participated in high-stakes poker games against professional players. The games included $100,000 to $200,000 limit Texas Hold 'Em poker. On May 13, 2004, at the Las Vegas [[Bellagio (resort)|Bellagio]], Beal won one of the largest single hands in poker history, $11.7 million.<ref>{{cite book |last=Craig|first=Michael|title=The Professor, the Banker, and the Suicide King|url=https://archive.org/details/unset0000unse_y3v2|url-access=registration|year=2005|pages=[https://archive.org/details/unset0000unse_y3v2/page/231 231–237]}}</ref> The games have been chronicled in the Michael Craig book ''[[The Professor, the Banker, and the Suicide King|The Professor, the Banker, and the Suicide King: Inside the Richest Poker Game of All Time]]''.

While the games outlined in Craig's book ended in 2004, Beal returned to Las Vegas from February 1–5, 2006 to again take on "The Corporation" in a $50,000/100,000 Limit Hold 'Em match at the [[Wynn Las Vegas]] Casino. Opponents included [[Todd Brunson]], [[Jennifer Harman]], [[Ted Forrest]], and others.

On February 5, 2006, Beal was down $3.3 million. He then returned to the Wynn Casino a week later, and won approximately $13.6 million from the corporation during daily poker sessions from February 12 to 15.<ref name="CraigBluff">{{cite journal|last=Craig|first=Michael|title=The Banker, The Boss, The Junk Man, and The Warrior|journal=Bluff Magazine|date=April 2006|pages=71–06}}</ref> The games resumed February 21 to 23, with world champion poker player [[Phil Ivey]] representing the Corporation against Beal at limits of $30,000/60,000 and $50,000/100,000. During these three days, Beal lost $16.6 million to Ivey.<ref name="auto"/> According to Jennifer Harman, during an interview on Poker Podcast with [[Daniel Negreanu]] on October 26, 2016, the games went as high as $100,000/200,000.<ref>{{cite web|url=https://soundcloud.com/user-603347096/fcp-podcast-episode-5-featuring-jennifer-harman|title=Negreanu's podcast|work=soundcloud.com/user-603347096}}</ref>

==Personal life==
He has two children with his first wife.<ref>[http://www.dallasnews.com/business/headlines/20100221-Beal-Bank-owner-paved-his-own-2879.ece Dallas News: "Beal Bank owner paved his own road to becoming Dallas' richest man" by Brendan Case] November 26, 2010</ref> In 1996,<ref name=DallasNewsDivorce>[http://www.dallasnews.com/business/headlines/20101210-dallas-billionaire-andy-beal_s-divorce-turns-messy.ece Dallas News: "Dallas billionaire Andy Beal's divorce turns messy" By BRENDAN CASE] December 27, 2010</ref> he married [[Estonian people|Estonian]]<ref>[http://www.dallasnews.com/entertainment/restaurants/headlines/20120329-power-tables-where-the-elite-hollywood-superstars-eat-in-dallas.ece?ssimg=516354 Dallas News: "Power tables: Where the elite, Hollywood superstars eat in Dallas" by Alan Peppard] March 29, 2012</ref> immigrant Simona Beal.<ref name=DallasNewsDivorce /> They have four children.<ref name=DallasNewsDivorce /> Simona filed for divorce in 2010.<ref name=DallasNewsDivorce /> Beal has three children with Olya Sinitsyna.<ref>{{Cite web|url=https://mysweetcharity.com/2017/03/the-2017-dallas-symphony-league-orchestra-swans-flawlessly-and-touchingly-bowed-at-the-meyerson/|title=The 2017 Dallas Symphony League Orchestra Swans Flawlessly And Touchingly Bowed At The Meyerson|website=mysweetcharity.com|date=March 8, 2017 |access-date=January 31, 2019}}</ref><ref>{{Cite web|url=https://www.thetot.com/user-baby-registry/andy-beal/|title=Baby Registry – Olya Sinitsyna and Andy Beal|website=www.thetot.com|language=en|access-date=January 31, 2019}}</ref>

Beal is a [[libertarian]].<ref name="bankerwhosaidno" /> In the [[2016 United States presidential election]], Beal initially endorsed [[Rand Paul]], donating $250,000 to the senator's campaign.<ref name="wsjthreefriends" /> Following Paul's exit from the race, Beal endorsed [[Donald Trump]] for President of the United States in 2016.<ref name="wsjthreefriends" /> Beal served as one of the top economic advisers to Trump's [[Donald Trump 2016 presidential campaign|2016 campaign]].<ref name="jtankersley">{{cite news|last1=Tankersley|first1=Jim|title=Donald Trump's new team of billionaire advisers could threaten his populist message|url=https://www.washingtonpost.com/news/wonk/wp/2016/08/05/donald-trumps-economic-team-the-ultra-rich-to-the-rescue/|access-date=August 6, 2016|newspaper=Washington Post|date=August 5, 2016}}</ref> Beal donated $2 million to a Trump super PAC in September 2016, and another $1 million for the inaugural festivities according to ''[[Forbes]]''.<ref>{{Cite web | url = https://www.forbes.com/sites/danalexander/2017/04/19/more-than-25-billionaires-poured-millions-into-trumps-inaugural-committee/#7d77608ccb33 | title = More Than 25 Billionaires Poured Millions Into Trump's Inaugural Committee | website = [[Forbes]] | author = Alexander, Dan | date = April 19, 2017 | access-date = February 14, 2019}}</ref><ref>Schwartz, Brian, [https://www.cnbc.com/2019/04/02/pro-trump-super-pac-used-donor-money-to-fund-right-wing-conspiracy-campaign.html "Pro-Trump super PAC backed solely by bank executive used donations to fund Facebook conspiracy meme campaign"], CNBC, April 2, 2019. Retrieved April 2, 2019.</ref> He contributed $1.8{{nbsp}}million to Trump's [[Donald Trump 2020 presidential campaign|2020 presidential campaign]].<ref name="Trump 2020 donors">{{cite web |title=Here Are The Billionaires Who Donated To Donald Trump’s 2020 Presidential Campaign |url=https://www.forbes.com/sites/michelatindera/2021/02/19/here-are-the-billionaires-who-donated-to-donald-trumps-2020-presidential-campaign/ |website=Forbes |accessdate=27 March 2024}}</ref>

In the aftermath of the [[2021 storming of the United States Capitol|January 2021 storming of the United States Capitol]], an assistant to Beal told ''[[Bloomberg News]]'' that Beal "doesn't know what happened{{nbsp}}... and he doesn't believe mainstream news reporting anymore."<ref name="bloomberg-melin-pendleton-2021">{{cite web |last1=Melin |first1=Anders |last2=Pendleton |first2=Devon |title=Billionaires Who Championed Trump Have Now Gone Largely Quiet |url=https://www.bloomberg.com/news/articles/2021-01-08/billionaires-who-championed-trump-have-now-gone-largely-quiet |publisher=[[Bloomberg News]] |access-date=January 8, 2021 |date=January 8, 2021}}</ref>

== References ==
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[[Category:1952 births]]
[[Category:Living people]]
[[Category:20th-century American mathematicians]]
[[Category:21st-century American mathematicians]]
[[Category:Amateur mathematicians]]
[[Category:Amateur poker players]]
[[Category:American aerospace businesspeople]]
[[Category:American bankers]]
[[Category:American billionaires]]
[[Category:American financiers]]
[[Category:American hedge fund managers]]
[[Category:American investors]]
[[Category:American money managers]]
[[Category:21st-century American philanthropists]]
[[Category:American poker players]]
[[Category:American businesspeople in real estate]]
[[Category:American technology chief executives]]
[[Category:American technology company founders]]
[[Category:Baylor University alumni]]
[[Category:Businesspeople from Texas]]
[[Category:Michigan State University alumni]]
[[Category:American number theorists]]
[[Category:People from Dallas]]
[[Category:Businesspeople from Lansing, Michigan]]