Daniel Tzvetkoff is a grandson of Bulgarian refugees who arrived in Australia in the 1940s and a young internet millionaire who enjoyed a quick rise to wealth and an equally quick fall.
His wealth came from his online payment processing company, Intabill, which reportedly earned Tzvetkoff an astounding $80 million. Earning a fortune at the young age of 25, Tzvetkoff was a young millionaire and he spent the money he made lavishly. From buying a $28 million waterfront mansion on the Gold Coast to spending $7.8 million on a yacht, his list of extravagant acquisitions go on.
One of the Daniel Tzvetkoff crazy expenditures was a $3 million luxury lounge bar called Zuri, which was bought at the peak of his success.
Close friends of the IT genius claim that he loved spending money and getting the best things money can buy. Daniel Tzvetkoff lived the life but his money train soon came to a deafening halt.
Daniels chain of success and fortune soon reached its end when he was accused of committing hundreds of millions of dollars worth of fraud across the globe. As a barter agreement for his freedom, Tzvetkoff named his former business partners as the masterminds of such fraud.
His all too familiar story of riches to rags is a a warning for those who believe everything comes easy without consequences.
The Tzvetkoff success began during his teenage years. Described as an unremarkable student only passionate about computers and arts, Tzvetkoff was described as a quiet boy who was picked on.
His lack of EQ was outweighed by his IT IQ. He hit success as early as 13 when he started his own web design business which opened the opportunity to animate cartoons for the New York Times website three years later. By the time he had graduated, he had already developed software for facilitating payments online securely.
This development was ingenious and was well timed, with online transactions on the web reaching critical mass. His then unknown software was converted into fortunes with the help of business partner and lawyer Sam Sciacca. Becoming friends quickly, Sciacca and Tzvetkoff quickly made Intabill into a leader in the online billing business.
His success would be his downfall when his luxurious spending lifestyle would push him to siphon off many millions off dollars from the company funds to pay for his toys and his absurd lifestyle. This act would garner him complaints from clients, his business partners and gain the attention of the FBI for fraud.
Want to Learn more about this turd named Tzvetkoff? Read this Australian newspaper article about him.