Takeover speculator Paul A. Bilzerian says his federal indictment on charges stemming from the government's sweeping investigation of Wall Street corruption is the result of overzealous prosecution.

Bilzerian, who acquired defense contractor Singer Co. earlier this year following a hostile battle, was indicted on federal charges of lying to the government and illegally hiding stock in connection with four multimillion-dollar transactions in 1985 and 1986.The 12-count indictment announced Wednesday against the 38-year-old St. Petersburg, Fla., resident was the latest outgrowth of investigations indirectly linked to the Ivan Boesky insider trading scandal.

Bilzerian immediately denied wrongdoing. In a statement, he blamed the indictment on prosecutors responding to the growing public concern about corporate takeovers.

A one-time real estate investor who has made runs on several big companies, Bilzerian took control of Singer in February after a $1.06 billion takeover struggle.