Leandro Rizzuto Net WorthReal Name: Leandro Rizzuto
Date of Birth: 1940
Place of Birth: United States
2017 Net Worth: $3.1 Billion
Profession: Co-founder of Conair Brands
Leandro Rizzuto Biography
Leandro Rizzuto and his parents founded Continental Hair Products, which in 1976 the family renamed Conair, in the basement of their Brooklyn, New York, home in 1959. Rizzuto dropped out of St. Jon’s College and sold his own Cadillac for the start -up funds. They began to make hot air hair rollers that were invented by his father, including Curl Secret and Miracurl Stylers; Rizzuto later introduced the iconic pistol shaped hair blow dryers in 1965. Conair went public in 1972, but went private in 1985 through a leveraged buyout. Rizzuto and his family now own nearly 100 percent of the company.
Under Rizzuto’s guidance, Conair has expanded to include several appliance brands such as Cuisinart, Waring, Scunci, Rusk, Interplak electric toothbrushes, and Babybliss. Rizzuto acquired bag manufacturer Allegro in 2007, then Pollenex in 2013. Pollenex has since been renamed Conair Home. In addition to his lucrative home appliance and personal health care business, Rizzuto also owns very valuable properties, including the Anguilla CuisinArt Golf Resort and Spa, which has a Greg Norman-designed 18-hole golf course.
A net worth of $3.1 billion has not shielded Rizzuto from legal troubles. Although he had more than sufficient funds to pay his taxes, Rizzuto instead funneled millions of dollars in kickback money into numerous foreign bank accounts. He failed to report this to the Internal Revenue Service. After a lengthy investigation and legal battle, he plead guilty to tax fraud. Rizzuto was eventually sentenced to slightly more than three years in prison as well as being fined more than $2 million for his six years’ worth of federal taxes that he failed to pay.
Rizzuto owns a spacious estate close to Stamford, Connecticut, as well as a ranch in Sheridan, Wyoming, which he shares with his wife and 4 children. Rizzuto has a current net worth of $3.1 billion.