7,000,000,000 in various companies throughout the U. In 2013 he was appointed to the Board of the Home andrew york pdf Center by Governor Andrew Cuomo.
In 1979, the Mursteins founded a family-owned company called Medallion Funding Corp. Medallion Funding earned returns on investment over 20 percent per year. The price of NY City medallions peaked in 2013, as the emergence of ride-hailing companies caused the first significant and sustained decline in medallion values. In order to navigate this challenge, Murstein reduced medallion lending, expanded consumer lending and restructured existing medallion loans. 2017, and an indication of improved investor confidence. He joined Medallion Funding full-time in 1990 and eventually took the company public.
In 1996, Murstein successfully launched Medallion Financial Corp. Medallion Funding, as a public company trading on the Nasdaq under the symbol MFIN. But taxi loans are only a part of the story. The company also established or bought successful businesses that lend to a variety of small businesses such as dry cleaners, convenience stores, manufacturers, distributors, and later public companies.