Lowell J. Milken, 39, is the younger brother of Michael Milken, the creator and head of Drexel Burnham Lambert's hugely profitable "junk bond" operation. Lowell, a lawyer by training, was brought into the firm by his brother in 1978, shortly after Michael had moved Drexel's junk bond operation from New York to Los Angeles.
Lowell, a senior vice president at Drexel, was included in the defendants named in a civil insider trading suit filed Wednesday by the Securities and Exchange Commission. His brother Michael and Drexel were also named in the suit.
Lowell is said to be his brother's closest confidant and adviser at the firm, although his official duties aren't clearly defined, according to Drexel officials and others. Lowell is said to devote much of his time to overseeing the Milken family holdings, as well as partnerships Michael Milken set up to benefit himself and certain Drexel employees.
Lowell has handled some of the administrative duties in the junk bond department for his brother. He also analyzes the risk of potential deals and does financial analysis of companies for which Drexel is considering underwriting an issue of junk bonds.