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. Both Milkens strongly denied the charges against them. Boesky pleaded guilty to a single criminal charge and gave prosecutors the information that touched off the Drexel-Milken investigation. In an interview with ABC News last week, Boesky, now 80, said he was "shocked" by the indictment. 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.
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. In an interview with ABC News last week, Boesky, now 80, said he was "shocked" by the indictment. 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.