Born to a
Jewish family, Siegel is a graduate of
Harvard Business School. In 1971, he joined
Kidder, Peabody & Co. and, during his 15 years at the firm, became known as a
takeover specialist. In February 1986, he left Kidder to become a managing director at
Drexel Burnham Lambert. On February 13, 1987, Siegel pleaded guilty to one count of conspiracy to violate the securities laws and one count of tax evasion. His guilty plea included an agreement to pay over
US$9 million in
civil penalties and forfeit $10 million more in bonuses and stock owed to him by Drexel—a sum many times greater than the illegal gains from his relationship with Boesky. He received a sentence of two months' imprisonment and five years' probation, rather than ten years, with 3,000 hours of community service. The sentence was light because of his cooperation with other government investigations. His involvement in criminal activities is recounted in the book
Den of Thieves by
Pulitzer Prize-winning author
James B. Stewart. Siegel now lives in
Ponte Vedra Beach, Florida. ==References==