Dubbed the “junk bond king” for his role in creating the junk bond market and using the proceeds to help companies mount hostile takeovers, or leveraged buyouts, during the 1980s. He worked at Drexel Burnham Lambert, which folded after legal investigation of Milken and the firm’s activities. Drexel filed for bankruptcy protection in 1990 and was dismantled. Milken pled guilty to six counts of securities fraud in 1990, served nearly two years in prison, and paid more than $1 billion in fines, penalties, and restitution. He was barred from the securities business for life.