Michael Milken worked in the high-yield bond trading department at Drexel Burnham Lambert, an investment bank. During March 1989, Milken was convicted of insider trading, tax evasion, stock parking, and other related financial crimes. Through both internal and external investigations, it was revealed that Milken developed several partnerships to allowed members of the high-yield bond trading department to make their own investments (stock parking). This presented a conflict of interest because the profitable leveraged buyout stocks for Storer Broadcasting were only offered to members of Milken's department and individuals within the partnership instead of being offered to all customers. In addition, Milken recruited money managers in an effort to conceal his profits. The money managers were investigated federally and convicted of bribery. Milken's conviction was also related to failure to file broker-dealer reports such as a Schedule 13D to the Securities and Exchange Commission. This form must be filed within 10 days of acquiring greater than 5% of a publicly traded security. The confirmation reports sent by Milken through the mail were also investigated. The investigation revealed that these reports did not indicate the commission earned by Milken through broker transactions. Milken also agreed to sell securities to a customer and purchase those securities back at a profit to himself. He told the customer that he would sell them profitable stocks at a later time to account for the customer's investment loss. These actions are considered financial fraud, which is illegal. Milken acknowledged his wrongdoings by pleading guilty and paying almost $1 billion in fines to the government and investors.