John A. Mulheren
Encyclopedia
John A. Mulheren, Jr. was an American
financier
and philanthropist
.
icon who earned hundreds of millions in the 1980s as a stock
and option
trader. Known for his charismatic personality and generosity, Mulheren became a managing director for Merrill Lynch
at age 25 and later became the chief executive of Bear Wagner Specialists
, one of seven NYSE specialist
trading firms. He owned the Chapel Beach Club located in Sea Bright, New Jersey
and Crazies Ice Cream in Rumson, New Jersey
.
A protege of Ivan Boesky
, Mulheren was implicated in the insider trading
scandals of the late 1980s and was convicted on fraud and conspiracy charges in 1990. Mulheren's involvement in the scandals and his relationship with Boesky are discussed with great detail in Den of Thieves
by James B. Stewart
. Upon learning that Boesky had implicated him in the scandal, Mulheren reportedly set out to kill Boesky. Mulheren's conviction was overturned by the Second Circuit Court of Appeals in 1991.
Mulheren graduated from Roanoke College
in 1971. He donated millions to the college naming several buildings after former professors and mentors. The entrance to the college is named "John's Bridge" in his honor. Mulheren's widow, Nancy, is a college trustee.
Mulheren suffered from Bipolar Disorder
. He died of a heart attack at his farm in Rumson, New Jersey
on December 15, 2003. Bruce Springsteen
, a close friend, performed at the funeral.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
financier
Financier
Financier is a term for a person who handles typically large sums of money, usually involving money lending, financing projects, large-scale investing, or large-scale money management. The term is French, and derives from finance or payment...
and philanthropist
Philanthropist
A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, and/or reputation to charitable causes...
.
Biography
Born in the Bronx, Mulheren was a Wall StreetWall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
icon who earned hundreds of millions in the 1980s as a stock
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
and option
Option (finance)
In finance, an option is a derivative financial instrument that specifies a contract between two parties for a future transaction on an asset at a reference price. The buyer of the option gains the right, but not the obligation, to engage in that transaction, while the seller incurs the...
trader. Known for his charismatic personality and generosity, Mulheren became a managing director for Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
at age 25 and later became the chief executive of Bear Wagner Specialists
Bear Stearns
The Bear Stearns Companies, Inc. based in New York City, was a global investment bank and securities trading and brokerage, until its sale to JPMorgan Chase in 2008 during the global financial crisis and recession...
, one of seven NYSE specialist
Market maker
A market maker is a company, or an individual, that quotes both a buy and a sell price in a financial instrument or commodity held in inventory, hoping to make a profit on the bid-offer spread, or turn. From a market microstructure theory standpoint, market makers are net sellers of an option to be...
trading firms. He owned the Chapel Beach Club located in Sea Bright, New Jersey
Sea Bright, New Jersey
Sea Bright is a borough in Monmouth County, New Jersey, United States. As of the 2010 United States Census, the borough population was 1,412.Sea Bright was formed as a borough by an act of the New Jersey Legislature on March 21, 1889, from portions of Ocean Township, based on the results of a...
and Crazies Ice Cream in Rumson, New Jersey
Rumson, New Jersey
Rumson is a borough in Monmouth County, New Jersey, United States. As of the 2010 United States Census, the borough population was 7,122.Rumson was formed as a borough by an act of the New Jersey Legislature on March 15, 1907, from portions of Shrewsbury Township, based on the results of a...
.
A protege of Ivan Boesky
Ivan Boesky
Ivan Frederick Boesky is an American stock trader who is notable for his prominent role in a Wall Street insider trading scandal that occurred in the United States in the mid-1980s.-Life and career:...
, Mulheren was implicated in the insider trading
Insider trading
Insider trading is the trading of a corporation's stock or other securities by individuals with potential access to non-public information about the company...
scandals of the late 1980s and was convicted on fraud and conspiracy charges in 1990. Mulheren's involvement in the scandals and his relationship with Boesky are discussed with great detail in Den of Thieves
Den of Thieves (Book)
Den of Thieves is a 1992 non-fiction bestselling work by Pulitzer prize-winning writer James B. Stewart. The book recounts the insider trading scandals involving Ivan Boesky, Michael Milken and other Wall Street financiers in the United States during the 1980s such as Martin Siegel, Dennis Levine,...
by James B. Stewart
James B. Stewart
James Bennett Stewart is an American lawyer, journalist, and author.-Life and career:Stewart was born in Quincy, Illinois. A graduate of DePauw University and Harvard Law School, James B. Stewart is a member of the Bar of New York and Bloomberg Professor of Business and Economic Journalism at the...
. Upon learning that Boesky had implicated him in the scandal, Mulheren reportedly set out to kill Boesky. Mulheren's conviction was overturned by the Second Circuit Court of Appeals in 1991.
Mulheren graduated from Roanoke College
Roanoke College
Roanoke College is an private, coeducational, four-year liberal-arts college affiliated with the Evangelical Lutheran Church in America. The college is located in Salem, Virginia, a suburban independent city adjacent to Roanoke, Virginia...
in 1971. He donated millions to the college naming several buildings after former professors and mentors. The entrance to the college is named "John's Bridge" in his honor. Mulheren's widow, Nancy, is a college trustee.
Mulheren suffered from Bipolar Disorder
Bipolar disorder
Bipolar disorder or bipolar affective disorder, historically known as manic–depressive disorder, is a psychiatric diagnosis that describes a category of mood disorders defined by the presence of one or more episodes of abnormally elevated energy levels, cognition, and mood with or without one or...
. He died of a heart attack at his farm in Rumson, New Jersey
Rumson, New Jersey
Rumson is a borough in Monmouth County, New Jersey, United States. As of the 2010 United States Census, the borough population was 7,122.Rumson was formed as a borough by an act of the New Jersey Legislature on March 15, 1907, from portions of Shrewsbury Township, based on the results of a...
on December 15, 2003. Bruce Springsteen
Bruce Springsteen
Bruce Frederick Joseph Springsteen , nicknamed "The Boss," is an American singer-songwriter who records and tours with the E Street Band...
, a close friend, performed at the funeral.