Behind bars: Here are the billionaires and ex-billionaires who have served time
pioneered the high-yield bond strategy for corporate mergers and acquisitions while working at investment bank Drexel Burnham Lambert in the 1970’s and 80’s. In 1986, he was implicated by former arbitrageur and co-conspirator Ivan Boesky for insider trading and stock manipulation, which led to an investigation by former U.S. Attorney Rudy Giuliani.
In 1990, Milken pled guilty to six counts of securities and tax violations, was ordered to pay a $600 million fine and agreed to cooperate with officials in continuing investigations. He served two years in prison and was also barred from the securities industry for life. In 1993, soon after he was diagnosed with prostate cancer, he launched the Prostate Cancer Foundation, on whose board he still sits.
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