Michael Milken , the Drexel Burnham Lambert " junk bond " wizard who revolutionized American corporate finance has been indicted on federal charges . The indictment charges that Milken used the firm of former stock speculator Ivan ##a 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 . Areas of Wrongdoing The indictment asks that Milken , his brother Lowell and partner Bruce Newberg forfeit a total of $ 1 billion earned in a continuing criminal enterprise operated at Drexel .
Michael Milken , the Drexel Burnham Lambert " junk bond " wizard who revolutionized American corporate finance has been indicted on federal charges . The indictment charges that Milken used the firm of former stock speculator Ivan ##a 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 billion earned in a continuing criminal enterprise operated at Drexel .