Michael Milken Net Worth

Michael Milken Net Worth $2.5 Billion

Michael Robert Milken is a financier and philanthropist infamous for his role in the development of the market for high-yield bonds, aka., ‘junk bonds’ (1970-1980), and for pleading guilty on felony charges for violating US securities laws (and for not reporting violations). Also, his racketeering and securities fraud led to an insider trading investigation in 1989. 

michael milken

As the result of a plea bargain, he pleaded guilty to everything except racketeering and insider trading and was sentenced to ten years in prison (fined $600 million). Milken was permanently banned from the securities industry (by the Securities and Exchange Commission) and his sentence was reduced to two years for good behavior and for cooperating and testifying against his former colleagues. He was nicknamed the "Junk Bond King", but supporters claim that "Milken was a key source of the organizational changes that have impelled economic growth over the last twenty years…" (George Gilder’s Telecosm, 2000). And although being convicted and spending 22 months in jail, his net worth is $2.5 billion, according to Forbes.

michael milken

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References:

Forbes (The ultimate site for billionaire rankings)

CelebrityNetWorth (The ultimate site for net worth of celebrities)

TheRichest (Great site for things about money and rich people)

Wikipedia (Greatest site on earth for lots of information)