Overview

Lowell Jay Milken served as a senior vice president in his brother Michael Milken's high-yield bond department at Drexel Burnham Lambert from 1979 until his resignation in 1989. In March 1989, a federal grand jury indicted Lowell alongside Michael and Bruce Lee Newberg on 98 total counts of racketeering and fraud. Lowell was specifically charged with 2 counts of racketeering and 11 counts of fraud based on his administrative role in the department. Critics condemned the indictment as a deliberate pressure tactic to force Michael into a plea deal by threatening his brother. Columbia Law professor Vivian Berger called the practice "troubling." When Michael pleaded guilty in April 1990, all charges against Lowell were dropped as part of the deal. In March 1991, Lowell was barred from the securities industry by an SEC settlement. He was never tried, never convicted, and never imprisoned despite being named in one of the largest financial crime indictments in American history. He has since become a prominent businessman and philanthropist, co-founding Knowledge Universe with his brother and Larry Ellison, and founding the Milken Educator Awards program.

Key Affiliations

Controversies & Concerns

Related Investigations (1)

Known Associates & Connections

Sources & Documentation

4 documented sources from official records, investigations, and reports