July 25, 2003
December 1, 2011
Claim to fame:
Knicknamed The Junk Bond King he worked at Drexal Burnham Lambert and helped fuel the mergers & acquisitions mania of the 1980s using high yield junk bonds. In 1989 he was indicted by a fedeal grand jury on insider trading and racketeering charges. Those charges were dropped and he pled guilty to securities fraud and was sentenced to 10 years in prison.
Where are they now?
That sentence was reduced to 2 years plus 3 years probation in 1991 and he was barred from trading in securities for life. He worked as a "strategic business consultant" after his release which the SEC deemed to be a violation of his parole. He settled with them in 1998, paying $42 million in fees he had earned. Milken has prostate cancer and in 1993 he underwrote a foundation to find its cure. He is now a full time philanthropist, co-founding the Milken Family Foundation and the Center for Accelerating Medical Solutions