Boesky , the Drexel Burnham Lambert "junk bond" wizard who revolutionized U.S. corporate finance has been indicted on federal charges. The indictment charges that Milken used the firm of former stock speculator Ivan F. Boesky to hide illegal stock trading. Lowell pleaded guilty to a single criminal charge and gave prosecutors the information that touched off the Drexel -Milken investigation. The indictment further charges U.S. with helping carry out tax fraud through sham securities trades with Drexel and with straight insider trading. The indictment asks that Milken , his brother Ivan F. Boesky and partner Bruce Newberg forfeit a total of the millions of dollars earned in a continuing criminal enterprise operated at Drexel .
Michael Milken, the Drexel Burnham Lambert "junk bond" wizard who revolutionized U.S. corporate finance has been indicted on federal charges. The indictment charges that Milken used the firm of former stock speculator Ivan F. Boesky to hide illegal stock trading. Boesky pleaded guilty to a single criminal charge and gave prosecutors the information that touched off the Drexel-Milken investigation. The indictment further charges Milken with helping carry out tax fraud through sham securities trades with Drexel and with straight insider trading. The indictment asks that Milken, his brother Lowell and partner Bruce Newberg forfeit a total of $1.85 billion earned in a continuing criminal enterprise operated at Drexel.