Overview

Victor Posner was an American corporate raider who pioneered the hostile takeover and became one of Michael Milken's key clients. He controlled numerous companies including DWG Corporation, Sharon Steel, NVF Company, and Fischbach Corporation. Forbes called him a man with "the arrogance of a banana republic dictator" and The New York Times named him the "dean of the corporate takeover." In 1988, the SEC charged Posner and his son Steven alongside Drexel Burnham Lambert with scheming to conceal their purchases of Fischbach Corporation stock. That same year, Posner pleaded no contest to tax evasion and fraud for inflating the value of land he donated to Miami Christian College, and was ordered to pay more than $6 million in fines and costs and to devote 20 hours per week for five years to working with the homeless. In 1993, both Victor and Steven Posner were permanently barred by the SEC from serving as officers or directors of any public company. Posner's relationship with Milken exemplified the symbiotic corruption between the junk bond machine and the corporate raiders it financed.

Key Affiliations

Controversies & Concerns

Related Investigations (1)

Known Associates & Connections

Sources & Documentation

3 documented sources from official records, investigations, and reports