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Bruce Lee Newberg
Convicted Drexel Burnham Trader; Participated in Michael Milken's Racketeering Enterprise
Trader, Drexel Burnham Lambert High-Yield Bond Department (Beverly Hills)
Overview
Bruce Lee Newberg was a trader who worked directly with Michael Milken in Drexel Burnham Lambert's high-yield bond department in Beverly Hills. He was convicted of racketeering and securities fraud for his role in illegal stock parking and other fraudulent schemes orchestrated from Milken's department. Newberg's conviction was significant because it demonstrated that the criminal conduct in the Beverly Hills office was not limited to Milken but was an organized enterprise with multiple active participants.
Key Affiliations
Controversies & Concerns
Convicted of racketeering and fraud for illegal stock parking and other schemes in Milken's operation
His conviction proved Milken's department was a systematic criminal enterprise, not one man acting alone
Participated in concealing stock ownership and manipulating markets at Milken's direction
Related Investigations (1)
Criminal Charges & Violations
2 documented violations
18 U.S.C. 1961-1968 (RICO)Racketeering: Participation in pattern of criminal activity in Milken's junk bond operation(Federal)
15 U.S.C. 78j(b)Securities Fraud: Illegal stock parking and market manipulation(Federal)
Known Associates & Connections
Michael Milken
Direct supervisor who orchestrated the criminal enterprise
Sources & Documentation
1 documented sources from official records, investigations, and reports
Personal Information
- Born
- Unknown
- Birthplace
- United States
Education
Key Timeline
1984-1989
Participates in illegal stock parking and fraudulent schemes in Milken's Beverly Hills operation
1990
Convicted of racketeering and securities fraud