Andrew Beal

Daniel Andrew Beal
Born	(1952-11-29) November 29, 1952 Lansing, Michigan, U.S.
Occupation(s)	Entrepreneur, banker, investor, amateur mathematician
Years active	1970s–present
Known for	Founder and chairman of Beal Bank and Beal Bank USA; proposer of the Beal conjecture

Daniel Andrew Beal (born November 29, 1952) is an American entrepreneur, banker, investor, and amateur mathematician. Residing in Dallas, he amassed considerable wealth through ventures in real estate and banking. Beal is the founder and chairman of both Beal Bank and Beal Bank USA, along with several affiliated enterprises. According to the 2025 Forbes List of Billionaires, his net worth is valued at approximately US$12 billion.

As a number theorist, Beal is recognized for proposing the Beal conjecture, which extends Fermat's Last Theorem in mathematics. He has pledged a $1 million reward for anyone who can prove or disprove this conjecture. His banks also support two annual science and technology competitions associated with the International Science & Engineering Fair. In the early 2000s, Beal participated in high-stakes poker games that later inspired a published book.

Early life and education

Raised in Lansing, Michigan, Beal’s mother was employed by the state government while his father worked as a mechanical engineer. During his teenage years, he earned income by repairing and reselling used televisions alongside his uncle, installing security systems in apartments, launching a moving service, and managing rental properties.

He distinguished himself on the debate team at Lansing Sexton High School and pursued studies in mathematics at Michigan State University.

Real estate investing

At age 19, Beal entered the real estate market by acquiring a house in Lansing for $6,500, which he rented out for $119 monthly. He developed a reputation for purchasing, refurbishing, and selling properties profitably. In 1976, he successfully bid $217,500 for an apartment complex in Waco, Texas, later selling it for more than $1 million. That same year, he enrolled at Baylor University but soon left to concentrate fully on his business activities.

In 1981, together with a partner, Beal purchased two run-down housing project buildings known as the Brick Towers in Newark, New Jersey for $25,000; after renovations, they sold these properties two years later for $3.2 million. In 2017, Beal sold his Dallas mansion—originally listed at $132 million—via Concierge Auctions for $36.2 million.

Beal Bank and Beal Bank USA

Beal founded banks in Dallas (1988) and Las Vegas (2004), focusing on acquiring financial assets during economic downturns. Notable acquisitions included:

• Bonds related to power generation and infrastructure amid California’s 2001 energy crisis
• Debt secured by aircraft following the 9/11 attacks
• Commercial real estate loans during the 2008 global financial crisis

In 2008, Beal Bank achieved an 8.1% return on assets (ROA), outperforming other insured savings banks with assets exceeding $1 billion. Between 2009 and 2012, it consistently maintained superior performance relative to its peers. Similarly, Beal Bank USA’s ROA surpasses that of insured commercial banks with assets above $3 billion.

By June 2019, combined capital totaled over $2.7 billion with assets exceeding $7.2 billion. The banks operate through 37 branches and offer online banking services. Both are FDIC-insured institutions providing deposit products such as certificates of deposit (CDs), money market accounts, statement savings accounts, and IRA CDs. Without consumer loans or checking accounts, they operate as wholesale banks by purchasing pools of non-agency residential first liens and commercial real estate loans to finance commercial lending and loan participations via affiliated entities.

As of 2021, Beal’s primary business interests include:

• Beal Bank, headquartered in Dallas
• Beal Bank USA based in Las Vegas (established 2004)
• CSG Investments, Inc., located in Dallas
• Loan Acquisition Corporation from Dallas
• CLG Hedge Fund, LLC also based in Dallas

Beal Aerospace

In 1997, during a national movement encouraging private sector involvement in space exploration, Beal established Beal Aerospace with the goal of creating rockets designed to launch communication satellites. The company employed more than 200 staff members and operated out of a 163,000-square-foot facility located in Frisco, Texas. Their primary focus was on developing a three-stage rocket standing 200 feet tall, utilizing a propulsion system fueled by hydrogen peroxide and kerosene. This system functioned by igniting the kerosene through the oxidation process of hydrogen peroxide, thereby removing the necessity for an independent ignition device.

Beal Aerospace discontinued its activities on October 23, 2000, attributing its closure chiefly to competition from NASA's Space Launch Initiative and the difficulties of contending with NASA's government-backed financial support.

Philanthropy

Beal has donated substantial sums toward advancing science and mathematics education programs. His banking institutions annually support:

• The Dallas Regional Science and Engineering Fair, affiliated with Southern Methodist University
• The South Nevada Regional Science and Engineering Fair, linked to University of Nevada, Las Vegas

Both events are officially recognized by the International Science & Engineering Fair (ISEF) and cater to students in grades 6 through 12. Winners from these fairs advance to compete at national and international levels.

In 2023, Beal Bank served as the sponsor for the Chemistry category at the ISEF event held in Dallas.

Furthermore, Beal contributed $1 million to support Dallas's Perot Museum of Nature and Science, which opened its doors in 2012. His companies also provided over 200 computers for student use within the Dallas Independent School District.

Beal conjecture

In 1993, Beal introduced the Beal conjecture, a mathematical hypothesis that encompasses Fermat's Last Theorem as a special case. To encourage efforts toward its resolution, he established a $1 million reward for anyone who can prove or disprove the conjecture. This prize is administered by the American Mathematical Society, while an informational website is maintained by the University of North Texas. As of January 2025, no claimant has secured the award.

Poker

From 2001 through 2004, Beal participated in high-stakes poker matches in Las Vegas, wagering limits ranging from $100,000 to $200,000 in Texas Hold 'Em. A highlight occurred on May 13, 2004, at the Bellagio casino where he won $11.7 million during one of the largest single poker hands recorded. These events are chronicled in Michael Craig's book The Professor, the Banker, and the Suicide King.

Beal made a return in February 2006 to compete at the Wynn Las Vegas Casino against elite players such as Todd Brunson, Jennifer Harman, and Ted Forrest. After an initial loss of $3.3 million on February 5, he rebounded between February 12 and 15 with winnings totaling approximately $13.6 million. Later sessions from February 21 to 23 featured world champion Phil Ivey, during which Beal experienced losses amounting to $16.6 million. According to Jennifer Harman, stakes during these games reached up to $100,000/$200,000.

Personal life

Beal is a father to two children from his first marriage. In 1996, he wed Simona Beal, an immigrant from Estonia; the couple had four children before their divorce in 2010. Additionally, he has three children with Olya Sinitsyna.

In terms of political views, Beal identifies as a libertarian. He initially supported Rand Paul during the 2016 presidential election, making a $250,000 contribution. After Paul exited the race, Beal shifted his support to Donald Trump, acting as a key economic advisor throughout Trump's campaign. In September 2016, he donated $2 million to a Trump super PAC and later provided $1 million toward inaugural activities. For Trump's 2020 campaign, Beal contributed $1.8 million.

Following the events at the U.S. Capitol in January 2021, Beal's assistant indicated that Beal was uncertain about what transpired and expressed skepticism toward mainstream media coverage.