Word: milken
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Within a matter of days or weeks, Milken is expected to be indicted on criminal charges for many of the same alleged securities violations described ; in a civil case that the Securities and Exchange Commission filed in September. The SEC accused Milken of, among other offenses, manipulating stock prices to reap millions of dollars in illicit profits and defraud his clients. The lawsuit portrayed Milken as a zealous dealmaker whose disrespect for tradition led him to disregard the law as well. A suburban Los Angeles native who attended Wharton Business School, Milken was the pioneer of junk bonds...
...cold. Said one of Milken's friends: "From now on he is on his own -- and as determined to prove his innocence as ever." Milken's defense against criminal charges could be hampered by the Drexel settlement, in part because the firm has promised to cooperate with the U.S. Attorney's probe of his transactions. But Stanley Arkin, a Manhattan attorney who specializes in white-collar crime, says separating the cases could help Milken. Says Arkin: "Milken will now be able to defend just his actions instead of those of 10,000 others...
After years of working 15 hours a day, Milken now spends much of his time preparing his defense. He remains the titular head of Drexel's operations in Beverly Hills, where the firm's junk-bond department is based. But Milken will probably take an indefinite leave of absence as soon as an indictment is handed...
...Milken chooses to fight the criminal charges, he can afford the legal bills. His net worth is estimated at more than $500 million. Even so, the man who revolutionized the money markets of the roaring '80s could wind up doing prison time in the '90s. Milken could also be slapped with a huge fine or be banned from working in the securities industry. For one who has devoted his life to building and controlling an unprecedented financing empire, that prospect may be the most chilling...
...Giuliani is expected to try to put at least one Drexel employee behind bars. In perhaps its most humiliating cave-in, Drexel agreed to cooperate with the Government investigation of Michael Milken, the financial wizard who created the market for high-yielding junk bonds (total now held: $180 billion) and who remains the ultimate target of Giuliani's probe. Milken, who was not represented in the settlement talks, is expected to be indicted in Manhattan sometime in January...