Witness to a Prosecution: The Myth of Michael Milken

by Richard V. Sandler

In 1986, the SEC and the U.S. Attorney for the Southern District of New York began an investigation into Michael Milken, Drexel Burnham Lambert, and its High Yield and Convertible Bond Department, a department Michael created and was head of. Michael was the most successful and innovative financier of his time. Drexel, an upstart investment bank was also the most successful securities firm on Wall Street, thanks to Michael. What was the investigation into Michael Milken going to focus on, other than his innovation in the financial markets? Mike was democratizing access to capital for the 99% of companies that could not previously access the public market and created a financial revolution that continues to this day. The high yield bond market grew rapidly from the end of the 1970’s from $70 billion to over $2.2 trillion dollars in 2022. He created an industry that gave new businesses and investors the opportunity to create value by financing companies that were too small to access the markets. Richard Sandler decided to represent Michael as his personal lawyer, and to be responsible for working with the lawyers they hired as well as overseeing the defense. But they could never have dreamed of the chaos that lay ahead. Neither of them could understand why the government thought it had a compelling reason to investigate Michael. Or why the media would be interested in building the investigation up into a firestorm. Of course, prosecutors want to win in high-profile cases, and prosecutorial witch-hunts and media hype can easily spin out of control, destroying the defendant in search of headlines and publicity as well as personal gain. Whenever the prosecution determines it will have the outcome it wants, no matter what, there is no escape. But the injustice that Michael Milken faced was to be on a biblical scale. Richard Sandler has, after 36 years, decided to set the record straight. With never-before-seen transcripts of court documents, and a sharp analysis of each move and countermove, Witness to a The Myth of Michael Milken, is difficult to put down. Whether you are someone interested in understanding the criminal investigative process, or you just want to understand who Michael Milken is and what really happened to him, you will find that this is an eye-opening and important book that will be read and discussed for years to come.

Genres: History, Nonfiction, True Crime, Finance, Audiobook, Politics

345 pages, Kindle Edition

Published August 1, 2023

Reviews

[Courtney Daniel · Rating 2 out of 5]

I tried I really did but this ain’t what it claims to be- maybe I’m spoiled with court room thrillers but it was the guys friend - and points for him being upfront but it was like too upfront? Like twenty pages of ‘I’m his friend, he is great, totally innocent!’ There were a few interesting parts but to be honest I’m not buying everything he’s putting down. I finally gave up a third of the way through. It was a Goodreads giveaway so - yea they exist and hang in there keep entering and you too can get a free two-star book you can’t finish! But seriously the giveaway program is legit and rocks. If you are in to court or finance books, maybe this is your jam, it just bored me to tears and the author is way to biased to take seriously. I kind of want a friend like him though- man is he loyal!

[Glen · Rating 3 out of 5]

I won this book in a goodreads drawing.

Michael Milken's lawyer presents his case 35 years after. While I'm not wholly convinced of Milken's innocence, I certainly think there is room for reasonable doubt. Milken was jailed for insider trading, meanwhile, Peter Pelosi was buying wineries and Porsches. The author says if the government really wants to get someone, they will do it, but the flip side is that if they don't want to get someone, they won't. I certainly have less faith in the justice system than I did before.

However, I felt that the author didn't adequately explain some of what Milken did.

[Stephanie · Rating 1 out of 5]

I could not finish. The combination of the narration by the author and the author’s admitted biases were too much for me. It stretched non-fiction beyond my belief and was unenjoyable.

Thanks to Forbes Books and Advantage Media Group via NetGalley for an audio copy in exchange for an honest review.

[Nancy Retallick, Ph.D. · Rating 5 out of 5]

A biography

I, like many others, learned about Michael Milken through the news. I was fascinated by him in the 1980s. What surprised me is how the author portrayed as being humble. The author moves between 1986 and flashes back to his college days with Michael in the 1960s which provides insight to Milken’s career development and adds personality to the story. Sandler has an advantage over others in knowing Milken since childhood, and his perspective seems to be sympathetic. Sandler is offering readers a different shade of Milken’s life story and legacy than how the media portrayed him. Milken’s brilliance obviously transformed the financial landscape. The author also shows Milken’s devotion to charitable causes which make a positive impact on the world. To quote Paul Harvey, this is a must-read for anyone wanting to know “the rest of the story.”

[Daniel Ottenwalder · Rating 3 out of 5]

Witness to the prosecution
Feel like it could of been half the length but here are the valuable lessons I got:
1. Reputation Is a Strategic Asset
• Michael Milken’s downfall wasn’t just legal—it was narrative.
• His low-profile nature left a vacuum the government and press filled with accusations and innuendo.
• The government leaked documents to the Wall Street Journal, fueling a media assault with no counterweight from Milken.
• In contrast, Warren Buffett carefully cultivated his public image—shielding himself from similar scrutiny despite his wealth.
• Lesson: If you succeed in silence, others may define your story. Control your narrative, especially when stakes are high.

⸻

2. Prosecutorial Power Is Immense—and Often Unchecked
• Rudy Giuliani chased convictions to build his political profile, not just serve justice.
• Young prosecutors like John Carroll (31 at the time) lacked the maturity to question systemic momentum. He later admitted being swept up in the case, unaware of the human cost of “winning.”
• Qualified immunity and intimidation tactics—like jailing trader Lisa Jones for 18 months—were used to pressure Milken’s associates.
• Lesson: Once you’re a target, truth takes a backseat. The system tilts toward conviction—not fairness.

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3. Scapegoating Masks the Real Story
• The chain started with Denis Levine’s insider trading and Ivan Boesky’s plea deal.
• Milken became the face of 1980s excess despite not committing the underlying crimes.
• The charges—mail fraud, tax issues, a mislabeled 13D form—were marginal but bundled for impact.
• Lesson: In high-profile cases, reality matters less than symbolism. You can be made an example, regardless of actual guilt.

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4. Temperament Is a Double-Edged Sword
• Milken, shaped by credit investing, avoided confrontation and minimized risk.
• This helped him in markets but hurt him in court. His reluctance to go to trial or testify left narratives unchallenged.
• He ultimately pled guilty to avoid dragging others—like his brother—into prolonged litigation.
• Lesson: Strengths in one domain can become liabilities in another. Know when to adapt.

⸻

5. The Justice System Can Be Theater
• The government focused more on spectacle than substance—Milken’s sentencing was more extreme than others in white-collar history.
• Fatico hearings turned into mini-trials over Milken’s character. The prosecution painted him as a villain, while the defense cited community service and economic contributions.
• Civil suits followed the criminal case, with S&Ls suing for $6B despite benefiting from high-yield bonds.
• Lesson: The courtroom is often a stage. Justice competes with optics and public pressure.

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6. “Deal Madness” Isn’t Just for Wall Street
• Just like corporate dealmakers chasing the next big win, prosecutors got tunnel vision.
• Carroll later admitted he lost perspective—driven by ambition, media attention, and the internal incentives of the justice system.
• Giuliani, too, wasn’t just after Milken—he was after the political capital of a conviction.
• Lesson: In business, law, or life—beware of narratives that consume you. Step back, question your motives, and remember the human cost.

⸻

7. Stoicism in the Face of a Broken System
• After a reduced sentence (24 months) and a diagnosis of prostate cancer, Milken didn’t wallow—he moved forward.
• He redirected his energy into philanthropy and education, turning pain into purpose.
• Three presidential pardons were attempted (Clinton, Bush, Trump)—only one succeeded, decades later.
• Lesson: Endurance and dignity matter more than vengeance. When wronged, sometimes the strongest move is to persist—and rebuild.

Raw notes:

It's like the lawyer that defended Milken, lol
He was his junior at UC
They had been friends since he was 6 years old
So far, it's just talking about how Milken is a saint
Who created more jobs for America
And how that LBO business was only 10% of the book
How the government was looking for a scapegoat for economic woes
The lesson is you gotta manage your reputation with the public. I think Warren did a good job of that
Everyone loves him
Milken was too private
Yeah haha, Warren is doing a great job at that
Especially if you make too much money

So what happened was that Ivan Boetsky got caught up in an insider trader case and did a plea deal to get Michael Milken. Rudy Giuliani was like, "We gotta get this guy, so you have a prosecution that is convinced it's in the right." The prosecution has the power.

John Carroll, who was the chief prosecutor on this case 30 years later, in a class taught by the author, recognized how he was led down this path of prosecuting Milken, with Ivan Boetsky becoming a leading witness in implicating others in his financial crimes with Milken as a top target. The fact that he was a young prosecutor of only 31 and this case made the news only entrenched his beliefs. Being that young also doesn't help because you don't realize what you are doing separating a father from their kids. You want the recognition for the conviction. You have to think of the context so many time we are pushed into narratives we don't even understand it is like deal madness that drives corporate America.

Rudy giulani wanted more cases and he only cared for the status he would get for these cases

Michael Milken was nonconfrontational and minimize risk by temperament given his credit investing background

David Lucas head investigator of SEC 30 years later- Denis Levine was what started this investigation when he went to the Bahamas and did insider trading. Milken did not commit the crime that's what matters in this world the system is about the high profile case. Its all about understanding the world is black and white.

The prosecutor has so much power

Lisa Jones a drexel trader served 18 months in jail the author states it was an effort to intimidate the rest of the employees

Milken being such a blank canvas in the media could turn him into anything they wanted. The government was leaking documents to the WSJ which lead to many hit pieces on Milken.

Qualified immunity exacerbated the problem which was used to get milken’s associates and employees to cooperate in the case against milken this led to milks. Coming to the conclusion that it would probably be better to take a plea deal in this case than sit around in a court room until the end of time. Even winning would be losing. Also his brother being indicted put pressure so he took the plea deal for the 5 counts. The counts are pretty silly when you look into them there is count one which is Ivan not updating his 13D, tax returns, mail, security fraud and conspiracy. All this over a 5.3m fee from boetsky that was clearly for work done around research and lack of deals executed by boetsky.

35% of net profit was the bonus pool

The sentencing was a divergence point as the government was super aggressive in their presentation of Milken while the defendant was showcasing community service etc etc.

Fatico hearing is a minitrial where the judge gets to determine the character of the defendant

He was sentanced to 10 years and 3 years of full time community service sentence. The most extreme sentence for a white collar case and a post mortem brings into question whether Michael should of testified or fought the charges in a real trial.

The pain inflected on the children and the sentancing being so brutal shows how the system can be so cruel.

As soon as all the criminal proceedings ended the vultures of civil suits began a group of S&Ls sued for $6b when the problems of the S&L was a mismatching of timing risk. HY bonds provided the best returns to this group vs other investments.

Once he got a reduced sentence of 24 months and was let out for thanksgiving Mike got diagnosed with prostate cancer and told that he only had a couple years to live Mike just moved on the point is to remain stoic and move forward

Three attempts at pardon Clinton, bush and success with Trump 35 years later lot of the other attempts failed given political pressures - philanthropy for philanthropy sake. Listening is better than talking

If poem by Robert is the key to milkens attitude he had to accept he did make a decision in the way he handled these bad character but the key is dusting themself up.

[Fanchen Bao · Rating 2 out of 5]

I won this book in a goodreads giveaway.

It was not a very pleasant read, mostly because the author was keen on rambling and repeating the same talking points over and over again (I get it Milken was non-confrontational. You don't have to say it in EVERY CHAPTER).

While the case against Milken definitely seemed shaky and politically motivated (it was conjured up by Giuliani; I'd expect nothing less), I think the author was not truthful either. In his depiction, Milken was almost the second coming of the Messiah, with a brilliant mind (this I do not doubt. Milken was highly intelligent), a kind heart (I can live with that given his track record in philanthropy), a vulnerable psyche, and above all, completely innocent. I don't buy it that Milken was a perfect man. No one can become a billionaire without being ruthless and bending the rules one way or another. The author claimed that Milken was innocent and persecuted because the "technical violations" he had committed had never been prosecuted before. This was not a strong argument. Just because your acts had not been prosecuted before did not mean that those acts were legal. Milken more or less invented a new way of doing business with junk bonds. Perhaps there were loopholes that the SEC had never imagined yet Milken took advantage of. If Milken had been a small fish, maybe SEC would have let it slide. But Milken was a freaking whale! It was totally reasonable that the government was going after him to not only shut the loopholes but also send a strong message to deter others.

The actual violations Milken had committed were very technical (in fact, I still don't understand even after reading the book), but it seemed more possible that such technicality and complexity was a feature not a bug -- Milken knew what he was doing. He knew he was treading in the grey area and had confidence that he could argue his way out of any prosecution should it follow the rule of law. What might have surprised him was the determination of the government to also NOT follow the rule of law. The whole saga felt more like a bigger mobster eating up a smaller mobster. I don't think Milken was innocent, but nor do I think the way he was prosecuted was just. Two wrongs do not make it right; if you are looking for justice, you've come to the wrong place.

Even if Milken were innocent on a technical level, one must also consider the ramification of his invention. While the author lauded junk bond as a way to give capital to small companies who could not be financed via other means (he claimed that by doing so, Milken had created millions of jobs. Where is the citation for that?), it was also a way to facilitate leverag buy-out and probably catalyze the rise of private equity (PE) that has been the cause of the downfall of many many businesses (Red Lobster is a very recent case). Here is a little glimpse of Milken's connection to predatory PE.

In the book, one case was raised during the Fatico Hearing: the Storer Communications transaction. It involved the company Kohlberg Kravis Roberts & Co. (KKR) trying to leverage buy Storer Communications. I didn't know anything about KKR, but that name came up in this article, which showed that KKR is a PE that seems to have done some shitty stuff (not unlike many PE companies nowadays). It makes you wonder what type of acts Milken has been facilitating with his financing based on junk-bonds.

From the same article, Michale Milken's name was mentioned.

Eli Black’s son is Leon Black, a notorious PE predator. Leon Black got his start working for the junk-bonds kingpin Michael Milken, optimizing Milken’s operation, which was the most terrifying bust out machine of its day, buying, debt-loading and wrecking a string of beloved American businesses. Milken bought 2,000 companies and put 200 of them through bankruptcy, leaving the survivors in a brittle, weakened state.

"Junk-bounds kingpin" is probably a good moniker for Milken.

A final jab at the book is that it is a memoir by someone very close to Milken writing about the details of something that happened more than 35 years ago. Whatever is presented in the book is more akin to an old tale told by your grandfather after a few drinks than serious journalism (for one, there is no reference at the end of the book). It irks me that the author tried very hard to portray his version as the only truth.

For the account of the story from an opposite perspective, I've heard that Den of Thieves is a good place to start (according to its review, it is a tome and also not an easy read). Also, this video describes Milken's insider trading in a way that I can understand.

[John Haskell · Rating 3 out of 5]

Guilty beyond a reasonable doubt: Milken's personal lawyer tries to prove Milken was innocent and falls on his face

I had always been intrigued by the idea that Michael Milken was framed by the Federal government. He obviously was a big target, a lot of people didn't like him and he made a lot of money. I never read James Stewart's "Den of Thieves" because I had heard that it was like a prosecution brief, not a balanced story. Well this book is the defense brief, and in Milken's interest it never should have been written: Milken would have been better off just saying "I was framed" rather than try to offer an affirmative defense or explanation of his actions.

Sandler does as much as he reasonably can to focus on extraneous matter such as Milken's emotions, his wife's emotions, Edward Bennett Williams' opinion of Rudy Giuliani, et cetera. But there was one substantive matter that he couldn't leave alone: a $5.3 million kickback that Ivan Boesky gave Milken with no documentation.

To put $5.3 million in 1986 in some context: inflation adjusted this would be something like $15 million. If you adjust it by the level of the Dow then and now, it's more like $50 million. Whichever metric you like, it was a colossal sum for one firm to owe another with no documentation.

Once he got caught, Boesky had a simple explanation for why he owed Milken $5.3 million: it was a kickback for inside information and "parking" stock that Milken wanted to profit from, but had to hide because of his position as the head of Drexel's LA office. Obviously Milken couldn't openly buy shares in companies that Drexel was buying out or merging. But Boesky could, and Milken and Boesky could share the profits.

Sandler can't explain why Milken was seeking $5.3 million from Boesky. He just says, well, the accountants didn't have any documentation. What is the reason for there not to be anything written down? Because, as Stringer Bell once said on "The Wire," you don't take notes about a criminal conspiracy.

The next big problem with the $5.3 million is a conversation Boesky and Milken had at the Beverly Hills Hotel after Boesky became a co-operating witness and was wearing a wire. Sandler doesn't try to argue with the recording, I guess because that would be too ridiculous. He instead tries to argue that it's just two businessmen discussing an account payable. But the conversation (which Sandler helpfully reproduces on pages 200-205) is basically a bull session where the two men try to figure out something they can write down as the basis for Boesky to pay Milken $5.3 million. Research on this company and that company. You should call Donald Trump about a financing. Brokerage fees. Of course one thing Sandler doesn't tell the reader is that Drexel didn't charge for research so it's odd that Boesky of all people would now be paying $5.3 million for research.

Sandler lamely argues, "Boesky would pay for all the work Drexel had done for him, over the years and that when the old entity was dissolving, that would be the time to pay." Use your common sense here. Since when does a professional firm of any kind allow a client to accumulate payables over years and then demand payment only when the client liquidates his old firm?!

The $5.3 million payment was the Rosetta Stone of the Milken prosecution. Through it the prosecutors saw how the whole structure worked. Milken sat at the center of a web and around him were corporate finance clients, S&L's, arbitrageurs and corporate raiders. Milken would get information from one spoke, share it with another spoke and take a hidden payment in exchange for the illegally shared information.

Sandler has had 35 years to come up with an alternative explanation and the only thing he thought of was "Mike never traded on inside information."

Milken was guilty as charged, he was guilty of a lot of other things he wasn't charged with, and had he gone to a jury he would have been sentenced to a much longer sentence than he actually ended up serving (two years and leave prison a billionaire).

Sandler's book proves all of these points beyond a reasonable doubt, and that is its true value.

[Richard Thompson · Rating 3 out of 5]

I have long wondered about the criminal proceedings against Michael Milkin. He never seemed like a run of the mill inside trader to me. He wasn't the same kind of obvious bad guy as Ivan Boesky. And the things he was finally charged with felt relatively minor. On the other hand, I also always assumed that where there was smoke there was fire. Surely the crimes he was charged with were just the tip of the iceberg, the things that the prosecutors could pin on him, so that whether it was on account of cleverness in covering his tracks or on account of some kind of backroom deal to get a guilty plea, there were far worse things that did not come to light.

But even at the time, I was never sure that Milken deserved what he got. Milken single handedly reinvented the business of high yield bond financing. He enabled deserving companies to access capital. His deals were engines for innovation and economic growth. The value that Milken created was a far cry from the shell game of mortgage-backed derivatives, CDOs and swaps that was only ever an elaborate form of high stakes gambling in which we all suffered in 2008 once the suckers were cleaned out. Then there was the guy who was coming after Milken, who I thought at the time was a crusading prosecutor on the warpath against financial abuse - Rudy Guliani. Maybe he was better then than the man he became, but you can see the seeds of the man we know today in the younger Guliani who is portrayed here.

This book is written by Milken's friend and lawyer who knew Michael and his brother Lowell from childhood and who worked closely with Milken as his personal attorney over the decades of Milken's prosecution, jailing, release and eventual pardon. It's practically a hagiography. If Mr. Sandler is to be believed, Milken did nothing or next to nothing wrong. He was treated unfairly again and again at every stage of the prosecution and ensuing punishment. I don't know. It was a bit too much of a whitewashing for me. Finance is a dirty business, and you can't rise to the heights that Milken rose to without some of the stink sticking to you. It didn't take much for Mr. Sandler to convince me that Milken was not nearly as bad as he was made out to be in the press at the time of his prosecution, but Mr. Sandler also failed to convince me that Milken was really as good as he is made out to be here.

[Bernard Tan · Rating 3 out of 5]

Richard V Sandler is a childhood friend and lawyer for Michael Milken, a man who pleaded guilty to financial crimes and was incarcerated in the US in 1990. Since his release, Milken has gone on to become a well-known philanthropist. He also created the Milken Institute, which is a non-profit, non-partisan think tank devoted to solving global problems. He received a Presidential pardon from Donald Trump in 2020.

Sandler uses this book to retell events of more than three decades ago. His assertion is that Milken was a victim of the times. He was unfairly targeted - by both Rudy Giuliani and the SEC - because of the negative perception the general public had of Wall Street tycoons during the "decade of greed" and Milken was the biggest "fish" of them all - young, ultra rich and having made powerful enemies in disrupting the financial markets with high yield bonds. His unfortunate dealings with convicted insider trader Ivan Boesky opened a window for those in government to go after him with a vengeance.

His assertion is that Milken did nothing wrong. But, the criminal justice system in the US is not a level playing field. If the government wants to get you, it has the power to back you into such a tight corner that you would rather take a plea bargain rather than risk an open trial. Conditional pardon for unreliable testimony is hardly a tool to seek justice. Moreover, politics play a role. The public wanted Milken convicted. In the end, Milken succumbed to a plea bargain for his sanity.

Sandler is a close confidant of Milken and is clearly not objective. But he does make fair points about the criminal justice system. Having done so, he offers no paths for reform, which is a little dissatisfying. A lot of the book reproduces documents, so clearly, this is no masterpiece. But I will at least have a more balanced view of Milken.

[Joyeux Noelle · Rating 2 out of 5]

Not as interesting as the title leads you to believe…

Well…that was a lot. I’ll admit that based off the title I was expecting a crime thriller. This was disappointing in that aspect. The crime was a white collar crime and the author didn’t really do a good job of breaking down why we should care about this case in layman’s terms. Most of it seemed like he was preparing for court again or, at the very least, a syllabus for a law class. It didn’t help that he had the mentally that this was one of the most egregious miscarriages of justice system in the US (hardly…whether the defendant was guilty or not is way above the average readers understanding of SEC laws, and seemed to overlook more glaring cases of false accusations/imprisonment). The defendant in this case was very privileged (nothing wrong with that per se), but had a fairly easy time in prison, and thanks to their immense wealth, was able to get their life back on track fairly quickly. There never seemed to be any introspection for defendants who are falsely accused who don’t have the resources Michael Milken does and that made the author seem rather disingenuous.
Overall, large portions of the book are legal jargon that is hard to get through, and the more interesting human interest bits went by too fast.
Do not recommend unless you’re really into insider trading and legal jumbo jumbo. But if you are…I’m sure there a better, easier to digest books out there with more sympathetic people.
**I won this in a Goodreads giveaway. All opinions are my own.**

[Píaras Cíonnaoíth · Rating 5 out of 5]

A fascinating read...

"Witness to a Prosecution: The Myth of Michael Milken" by Richard V. Sandler is an insider's account of Michael Milken's high-profile legal battle in the late 1980s and early 1990s. As Milken's personal attorney, Sandler provides a comprehensive view of the trial and media scrutiny.

Michael Milken, renowned for transforming capital access for smaller companies, faced a significant investigation and prosecution. Sandler's book corrects the narrative, offering a unique insider perspective on the turbulent events. The book delves into the substantial influence of the government and media during that era, highlighting the toll of lengthy legal battles. It also emphasizes the case's broader implications for financial markets and the justice system. Sandler provides distinctive insights into Milken's defense strategy, interactions with prosecutors, and navigating the federal judicial system. Court transcripts and in-depth analysis enhance comprehension.

"Witness to a Prosecution" is a gripping read for those intrigued by the Michael Milken case, federal securities litigation, and high-stakes legal disputes. Sandler's firsthand insights and thorough research provide a valuable resource for understanding this complex chapter in financial history. A fascinating read on many levels that comes highly recommended.

[Lisa · Rating 4 out of 5]

Michael Milken was the most successful and innovative financier of his time, until 1986, when the SEC and the U.S. Attorney began an investigation into Milken and the investment firm he worked for. Richard Sandler decided to represent Milken as his personal lawyer, and to be responsible for working with the lawyers they hired as well as overseeing the defense. But they could never have dreamed of the chaos that lay ahead. The injustice that Milken faced through the investigation and trial was of epic proportions. After 36 years, Sandler in this book decides to set the record straight by providing never-before-seen transcripts of court documents and a sharp analysis of each move and countermove.

This was my first @netgalley audiobook! This was definitely an interesting story and I learned a lot about white collar crime. Sometimes all the financial and investments talk was a bit over my head and the legalese was fine with me as a lawyer but might be a little complex for some. Overall this was a very compelling account of white collar crime and the unusual trial and sentencing of a genuinely good man who was used by the SEC and the U.S. Attorney as an example and a scapegoat. The audiobook performance was great! 3.5 stars rounded up

[Leigh Ronen · Rating 5 out of 5]

"Witness to a Prosecution: The Myth of Michael Milken'' is a compelling read that transcends the conventional boundaries of legal and financial discourse. The book is not just a recount of events, it's a deep dive into a story that has been misunderstood and misrepresented for decades.

As author Richard Sandler illustrates, Michael Milken was more than a financier — he was a visionary who fundamentally altered how companies could secure funding. His pioneering of the high yield bond market paved the way for smaller companies (notably including those owned by women and marginalized communities) to thrive.

In “Witness to a Prosecution,” Sandler, Milken’s attorney throughout the high-profile case at the heart of this narrative, chronicles a behind-the-scenes battle against a prosecutorial onslaught that sought to vilify a man whose only crime was to disrupt the status quo. The book not only clears the fog surrounding Milken's legacy but also celebrates the resilience of the human spirit in the face of adversity. It is a thought-provoking read that encourages us to question the motivations behind high-profile legal actions and the impact they have on innovation and societal progress — and it will stick with you long after you’ve finished reading it.

[Mike Gladstone · Rating 5 out of 5]

I didn’t know much about Michael Milken when I first started Witness to a Prosecution. Even as I was reading Sandler’s exhaustive account of twisted political motives and prosecutorial misconduct, I couldn’t help thinking “so what?”. After all, even though Milken ended up paying $600 million (!) in fines, he served a short sentence in prison and is still a very rich man.

Yet Sandler’s account ultimately drives the point home in an inescapable way: Milken, a genuinely innocent man, was fined an ungodly amount (compared to the supposed impact of his crimes), slandered ruthlessly by the media, and ultimately sent to prison—all to advance the political agendas and careers of a few overzealous prosecutors, including Rudy Giuliani, who used this conviction as a launchpad for his successful mayoral campaign. If this can happen to a man like Milken, how would we expect to fair?

(The most maddening fact of this whole sordid story is that Milken was sent to prison on crimes that no one had been charged with before, and no one has been charged with since!)

The book is full of illuminating detail, and even though it’s legally exhaustive, I was still gripped and incensed throughout—a great read.

[Ari Ratner · Rating 5 out of 5]

"Witness to a Prosecution" is an essential read for anyone interested in the dynamics of power, the intricacies of the legal system, the evolution of the financial industry, and civil rights. Richard Sandler's detailed storytelling illuminates how Milken's vision helped turn the high yield bond market from a set of theories into a massive industry worth trillions of dollars, all the while helping thousands of small businesses grow and creating millions of new jobs.

Yet the subsequent investigation into Milken, motivated not by evidence but by a confluence of prosecutorial zeal and media frenzy, unfolded like a Shakespearean tragedy. As Sandler illustrates, it was a case that epitomized the dangers of unchecked government power and the vulnerability of individuals — regardless of their contributions to society — to the whims of those who wield it.

Sandler’s narrative is captivating and filled with expert insights that keep the pages turning. It’s not just a book for those interested in finance or law, but for anyone intrigued by government overreach, disruptive innovation, criminal investigations, and human resilience. In sum, it’s a must-read.

[Kasia Hubbard · Rating 5 out of 5]

When the government comes for you, you lose, no matter what. This is the true story of Michael Milken, who was someone who really understood the markets and pushed forward in a way that broke the old establishment and, lets be honest, probably lost those who were used to winning their money. Michael understood the market in a way that the great composers understood music. Yet, because of someone who just couldn't believe that Michael was on the up and up, launched an investigation into him that didn't just try to punish him for alleged crimes, but ultimately was out to destroy him, in every single fashion that they could make up. Why? Because they are the government and have the power. Absolutely ridiculous what was done to him, and their star witness? The shadiest of them all. Powerful story of truth, and yet, the truest cost of truth from a man who bore the unrelenting brunt of it. Thank you Richard Sandler for telling it to the world.
*I received a copy of this book from NetGalley. This review is my own opinion*

[Emily Grib · Rating 5 out of 5]

A gripping read from start to finish. Thirty years on, the record of Michael Milken -- one of the most innovative financiers of our time -- is finally set straight.

More than an inside look at one of the most perplexing financial criminal cases of the last few decades, "Witness to a Prosecution" tells the story of outside influence on the outcome and perception of court cases in the public eye. As Sandler recounts, the media hype and ulterior motives of the prosecution still have people telling the wrong story to this day.

While it is easy to assume the "truth" of the defendant is awash with biases -- especially given that Sandler and Milken were childhood friends -- Sandler's account is so meticulous that it is clearly more than a mere personal interpretation, but rather a factual play-by-play from start to finish.

I would highly recommend this book equally to finance buffs as to law students with an interest in the greater forces and dynamics that surround power and the U.S. economy.

[Carlos Armando · Rating 5 out of 5]

"Witness to a Prosecution: The Myth of Michael Milken" by Richard V. Sandler is a compelling exposé that unravels the complexities of one of the most infamous financial cases in history. Sandler's meticulous research and engaging storytelling shed light on the prosecution of Michael Milken and challenge the conventional narrative surrounding his guilt.

I would highly recommend this book to anyone interested in finance, legal drama, or corporate intrigue. Sandler's detailed examination of the case and the personalities involved provides a fresh perspective and prompts critical thinking about the justice system.

What I particularly liked about the book is how it navigates the intricate web of financial schemes and legal strategies, making it accessible to both legal professionals and general readers. It is a thought-provoking and informative read that challenges preconceptions and invites readers to question the boundaries of justice in complex financial cases.

[Ivan M · Rating 5 out of 5]

"Witness to a Prosecution: The Myth of Michael Milken" by Richard Sandler is a compelling and eye-opening account of one of the most controversial and high-profile cases in the world of finance. As a reader, I was immediately drawn into the story of Michael Milken, a financial innovator who played a pivotal role in transforming the high-yield bond market and democratizing access to capital for smaller companies. Sandler's book sheds light on the intricacies of the legal battle that ensued when the government decided to investigate Milken.
What sets this book apart is the author's firsthand perspective as Michael Milken's personal lawyer. He skillfully navigates the complexities of the case, providing never-before-seen insights and court documents that expose the flaws in the prosecution's case. In this book we can see the author's meticulous analysis of each move. I think this is a book to read and recommend to those who like this genre.

[Albert Knoll · Rating 5 out of 5]

I’m a big Michael Connelly fan, and some of my favorite shows—Billions, Goliath, Bosch—are police procedurals and legal dramas. As I was reading Witness to a Prosecution, I kept thinking about how these shows always present storylines where the government (police, DA, feds) is noble, just, and ultimately right, or where zealous government overreach is soundly exposed and repudiated by courageous and brilliant lawyers.

Yet Michael Milken’s case shows that the opposite can just as easily be true. Sandler’s account in Witness to a Prosecution demonstrates that zealous government prosecutors can bring even rich, powerful, and *innocent* men like Milken to their knees, all to advance their personal and political agendas. It’s difficult not to come away from this book sobered and critical of the bulldozing media-government nexus that can so easily destroy a man’s life and livelihood. A must read.

[Maria Paula Castellanos Monroy · Rating 5 out of 5]

The narrative is amazing!

Richard V. Sandler delivers a comprehensive narrative of the legal proceedings surrounding Michael Milken in the 1980s case. Mr. Sandler was intimately involved in this significant period, not just as a lifelong companion of Michael and Lowell Milken but also as the attorney heading Michael's legal defence.
This book stands out as an outstanding read that provides insight into how government prosecution can affect individuals and their families. The narrative skillfully navigates the intricate world of government procedures and media entanglement, all while maintaining impartiality despite the author's close ties to the Milken families.
This kind of Legal cases books not only entertain and educate but also inspire critical thinking and a deeper understanding of our legal system. I totally recommend this book!

[Daniel Moreno · Rating 5 out of 5]

Michael Milken Case Revealed

I had never been so aware of the Michael Milken case. So, when I came across "Witness to a Prosecution: The Myth of Michael Milken" I wasted no time acquiring it and reading it non-stop. What sets this book apart is that its author, Richard Sandler, was Michael's lawyer. So, he has a broader view of the case.
What particularly fascinated me was the constant emphasis on the immense power wielded by government prosecutors. While the book primarily delves into Mr. Milken's compelling case, it also delves into the authority vested in government entities and the potential for its abuse. This book is essential reading for anyone seeking a deeper understanding of the judicial system and for lovers of mystery and intrigue. I recommend it, without hesitation 5 out of 5 stars.

[Evelyn · Rating 4 out of 5]

The first thing that caught my attention about this book was its eye-catching cover: it suggested me mystery, intrigue and lot of action. I wasn’t wrong; this title fulfilled my expectations from the very beginning.
Mike Milken’s story is told in a gripping way, with just enough detail to avoid repetition or ambiguity. Perhaps, my only criticism is that the narrative contains several words that are too specific to the judicial system and I had to do a little research on the U.S. government. It was to be expected anyway, given the title and description of the book. This didn't make me love it any less; on the contrary, it grabbed me more, if that's even possible.
It was my first time reading this author but without any doubt it won’t be the last one.

[Susel · Rating 4 out of 5]

The first time I heard about the case of Michael Milken, I was absolutely mesmerized by it. That is why when I heard about this incredible book, I didn’t hesitate to get it. The most amazing thing about this book is that it was written by Richard Sandler, who was Mike’s personal attorney. I could tell he wrote this book because he wanted people to know the truth about Michael´s story.

The part that I found more interesting is the continuous illustration that the author provides of the authority held by government prosecutors. While the book concentrates into Mr. Milken's captivating case, it also talks about the government's authority and the potential for its misuse. I believe this book is a formidable reading for anyone interested on learning more about the USA justice system.

[Nela · Rating 5 out of 5]

Witness to a Prosecution by author Richard V. Sandler shows, from a revealing perspective, the case of Michael Milken, a controversial legal battle about the democratization of access to capital.
At that time, this legal process revolutionized the financial world, with the overwhelming power of the government and media ensuring injustice to the defendant. But now, from this book, his personal lawyer analyzes the criminal investigation process in detail to bring true justice to this high-profile case.
This is a controversial and provocative book that is completely engaging as the reader delves into details and data not known until now, and the storyline is expertly told, capturing and maintaining the attention of readers to end.

[Conscientious · Rating 5 out of 5]

Witness to a Prosecution by Richard V. Sandler is an eye opener of the most famous case of Michael Milken and the financial complexities and the facts that surrounded the case. As Mr. Michael was unjustly prosecuted for the crimes, we see firsthand facts provided by Mr. Richard that never came forward to the public eyes. Back in the days, if one followed the case, it is easy to remember the upheaval the case brought upon. Mr. Richard walks us through the case, fact by fact and sheet by sheet. Through his narration I felt transported back in time with the key players and the decisions that took place. It is quite interesting to note the author retained unbiased narration through all the hoops of governmental procedures and media frenzy. It's a brilliant read that everyone should acquire.

[Dani Savante · Rating 5 out of 5]

"Witness to a prosecution” is a very interesting story that combines personal life, research and experiences of figures in financial businesses recognized around the world.
The plot focuses on the professional life of a well-known finance and investment expert, who in addition to being very successful has generated several radical changes in access to the public market. He has dedicated several years to creating and implementing a comprehensive plan that allows companies easy control and access to the market.
It is a very complete book in content and quite complex but the good thing about it is that it is easy to understand. I am not at all an expert in finance and it still helped me a lot to get into the subject and learn.

[Saya Jacaranda · Rating 4 out of 5]

fascinating to read

“Witness to a Prosecution” by Richard Sandler is a quite intriguing book that tries to set things clear towards the myth of Michael Milken. This is fascinating to read because it’s really another perspective on what actually happened. One the one hand, the facts that the public got to know but another thing it is to hear about what actually happened. So, to see all of this from a perspective more Milken friendly is captivating. Sometimes, the law isn’t perfect and we all know this. That’s why it’s so important to hear both sides.
I found this book very interesting because I got to know more about the criminal investigative process as well as about the character of Milken himself. I can recommend it!

[Santiago Flores · Rating 5 out of 5]

A great book

The author takes readers on a riveting journey through one of the most captivating financial scandals in history. Sandler's firsthand account as Michael Milken's personal lawyer offers a unique perspective on the high-stakes legal battle that unfolded in the late 1980s.
I highly recommend "Witness to a Prosecution" for its eye-opening revelations and the meticulous dissection of a complex legal saga. Sandler's book not only provides insight into the criminal investigative process but also challenges our perceptions of Michael Milken and the events that shaped his life. It's an essential read for anyone interested in finance, law, or the pursuit of truth in the face of sensationalism.

[norma baker · Rating 3 out of 5]

Before the 1970s, when businesses needed capital they would apply for financing from the big, established banks. But the banks were only interested in financing large corporations. Small businesses were left out of this system. Young Michael Milken used this opportunity to create a new category, high yield bonds to fund small businesses and provide high yields for investors. This book gives a detailed account of the financial successes of Michael Milken at his firm, Drexel Burnham, and his downfall when he was charged by the federal government with several financial crimes. People who are interested in this topic can learn a lot here.