Michael Milken Net Worth
Michael Milken Net Worth: Michael Milken is an American financier and philanthropist who has a net worth of $2.5 billion dollars. Michael Milken is most widely known for his role in the creation of junk bonds and was indicted on 98 counts of racketeering and fraud in 1989. He is also a widely recognized philanthropist, giving generously to cancer research in particular. He was born Michael Robert Milken on July 4, 1946, in Encino, California. The child of a middle-class Jewish family, he graduated from Birmingham High School and the University of California, Berkeley with a B.S. with the highest honors. Once he received his MBA from the Wharton School of the University of Pennsylvania, his Wharton professors helped him get job at Drexel Burnham Lambert, an old-line investment bank. Over the years, he became more and more experienced and has managed to make millions in leveraged buyouts in the 1980s. 1989 saw Milken being indicted for racketeering and securities fraud in an inside trading investigation. The case was closed in 1990, when he pleaded guilty after the government agreed to drop charges against his younger brother, Lowell. He was sentenced to ten-year imprisonment, fined $600 million, and permanently barred from the securities industry by the Securities and Exchange Commission. However, he did serve only 22 months, after which Milken has fully devoted himself to philanthropy. He made his future investments in such companies as the interactive toy maker LeapFrog and educational outfit K12. Also, he has served as the co-founder of the Milken Family Foundation and chairman of the Milken Institute, a non-profit economic think tank. Being himself a prostate cancer survivor, he became a founder of medical research philanthropies funding research into numerous life-threatening diseases like melanoma and cancer. What's more, he signed the Giving Pledge in December 2010, promising to donate at least half of his wealth to charity.