Michael Milken is an American financier and philanthropist, born on July 4, 1946 in Encino, California. He is best known for his prominent role in the 1980s as a key figure in the development of junk bonds, significantly revolutionizing the high-yield bond market. Milken played a crucial role in transforming junk bonds into a major financing tool for corporate takeovers and acquisitions. However, his success was overshadowed by his involvement in illegal activities. In 1990, Milken pleaded guilty to multiple securities-related crimes, including insider trading and racketeering. His actions resulted in significant fines, sanctions, and a prison sentence. Despite his criminal activities, Milken has since focused on philanthropy, contributing substantial amounts of his wealth towards medical research, education, and initiatives for social good.