Andrew M. Murstein stands as a testament to the power of strategic vision and entrepreneurial acumen in the world of business.
At NetWorthPlanet, we take an in-depth look at the professional life of Andrew M. Murstein, a businessman whose astute investments and leadership roles have significantly shaped various industries.
We trace his journey from the inception of his career, through the founding and growth of Medallion Financial Corp., to his ventures in sports and beyond.
Our exploration delves into the financial decisions that have bolstered his net worth and the innovative thinking that has established him as a prominent figure in the business community.
Join us as we uncover the story of Andrew M. Murstein, a businessman whose influence and success exemplify the qualities of a seasoned entrepreneur and savvy investor.
| Popular As | Andrew Mead Murstein |
| Occupation | President and board member, Medallion Financial Corp. |
| Age | 58 years old |
| Zodiac Sign | Cancer |
| Born | June 29, 1964 |
| Birthplace | Roslyn, New York, United States |
| Nationality | United States |
Get to Know Andrew M. Murstein
Andrew Mead Murstein was born on June 29, 1964, in Roslyn, New York. His parents are Alvin and Aileen Murstein.
His grandfather, Leon Murstein, came to the United States from Argentina of German-Jewish descent. He became a New York cab driver and purchased one of the first New York taxi medallions in 1937 for only $10.
The family went on to buy several hundred medallions over the years for prices as low as $10 each. The value of the medallions peaked at over $1,300,000 each and currently sell for around $85,000 each.
Andrew attended Tufts University, earning a B.A. in economics cum laude. He later earned an M.B.A. in finance from New York University.
He has been recognized as one of Crain’s New York Business’ “40 Under 40” and featured in numerous business publications.
Andrew M. Murstein: Favorites, Hobbies, Interests, and Likes
As an avid sports fan, Murstein can often be at his table at the exclusive Rao’s Restaurant. He frequently dines with Academy Award winner Leonardo DiCaprio and Hank Aaron or in the front row at Madison Square Garden and Yankee Stadium.
Other well-known names often join him.
Andrew M. Murstein Height, Weight & Measurements
At 58 years old, Andrew M. Murstein’s height is 5’8 to 6′ (1.83 m). The exact measurements are not yet confirmed and updated. He weighs 72 kilograms. His hair color is brown.
We will update his body measurements once exact information and measurements are known.
| Physical Status | |
| Height | 5 foot 8 Inches to 6 inches |
| Weight | 72 Kg |
| Body Measurements | Not Available |
| Eye Color | Not Available |
| Hair Color | Brown |
Dating & Relationship status
Andrew Murstein has been married to Barbara Lynn Rudnick since November 1990, and the couple has two children named Kimberly and Matthew.
We have found out that Andrew is married since he was said to be the son-in-law of one of the directors of a company, David Rudnick.
Barbara Lynn graduated from Dalton School and Tufts University, where Andrew also attended. We can assume that the two met in the mentioned university.
Andrew’s wife was a president of a manufacturing company for infant gift baskets called Baby Wishes Company. However, we have no further details about Barbara’s current occupation.
Further, we do not have a lot of data about Andrew M. Murstein’s past relationship and any earlier connections.
| Family | |
| Parents | Alvin and Aileen Murstein |
| Wife | Barbara Lynn Rudnick |
| Sibling | Not Available |
| Children | Kimberly Murstein and Matt Murstein |
The Career of Andrew M. Murstein
Andrew Mead Murstein is the founder, president, and board member of Medallion Financial Corp. It is an investment company publicly traded on the Nasdaq stock exchange.
The Murstein family is the largest shareholder of Medallion Financial Corp.
Over the years, Medallion Financial Corp. and its predecessor companies have invested more than $10 billion in various companies throughout the United States.
After completing his studies, Murstein spent several years on Wall Street, including at Salomon Brothers. During his time at Salomon Brothers, Murstein learned the importance of equity in funding a business. In 1990, he joined Medallion Funding full-time and eventually took the company public.
He also served on the board of the public benefit corporation at Javits Center in New York City.
Medallion Funding Corp.
In the 1970s, Alvin Murstein founded Medallion Funding Corp. to build a taxi medallion lending business.
Medallion Funding earned returns on investment of over 20 percent per year. However, the price of N.Y. The value of city medallions reached its highest point in 2013 but began to decline soon after as ride-hailing companies became more popular and caused a decrease in demand for taxi medallions.
Andrew reduced medallion lending, expanded consumer lending, and restructured existing medallion loans to navigate this challenge.
On May 10, 2016, to reflect the company’s new, more diversified lending strategy more accurately, Medallion Financial Corporation changed its stock symbol from “TAXI” to “MFIN.”
In addition, due to tax and capital considerations, the company decided to eliminate the dividend and convert to a C corporation from a Business Development Company.
After a sharp decline, MFIN shares began to rebound in the second half of 2017.
In December 2017, senior notes issued by Medallion Financial that were due in 9% traded at over 100% of par value. This significant recovery from distressed levels reached earlier in 2017 indicates that investor confidence has improved.
This time, Medallion Financial’s stock price has tripled.
On May 19, 2019, the New York Times published an investigative report on how medallion lending practices have affected a generation of taxi drivers, citing Murstein as one responsible for moving the industry toward riskier lending practices.
Medallion Financial Corp.
Medallion Financial Corporation is a finance company that offers loans to businesses in various industries. Its subsidiary, Medallion Bank, also provides loans to consumers.
Medallion Financial Corporation has lent more than $9 billion to businesses and individuals since it first became public in 1996.
Medallion’s predecessor was started in 1937, and to date, the company and its subsidiaries have lent approximately $7 billion to small businesses.
Andrew and the Medallion Financial Corp has been featured in articles in the Wall Street Journal, American Banker, U.S. Banker, Forbes, and numerous other media outlets for his work with Medallion Financial Corp.
Medallion Financial’s management team has a wealth of experience with over 150 years combined experience in different lending fields.
On average, each division head has over 30 years of experience in their specialist area – meaning that customers can receive prompt responses to their credit requests from people who know what they’re talking about.
Such a knowledgeable team helps provide excellent service that keeps customers returning.
About Medallion Financial Corp.
In 1996, Andrew successfully launched Medallion Financial Corp., which became the parent company of Medallion Funding.
The company went public on the Nasdaq under the ticker symbol MFIN and has since financed the purchase of thousands of taxis in Newark, Cambridge, Philadelphia, Chicago, Boston, and New York City.
Medallion Funding is an established industry leader, but taxi loans are only a part of the story. The company has also bought or started successful businesses that lend to various small businesses, including dry cleaners, convenience stores, manufacturers, and distributors.
Later, Medallion Financial Corp. went on to finance public companies as well.
Andrew invested $1 million to create a subsidiary that sold advertising on the tops of taxis in 1994. In 1996, the subsidiary, Medallion Taxi Media, was enhanced with the acquisition of See Level Advertising.
Medallion Financial Corp. set up its bank, Medallion Bank, to fund many of the company’s endeavors around the same time.
The U.S. Treasury invested $11.8 million to Medallion on February 27, 2009.
In 2008, Murstein, along with Hank Aaron, Mario Cuomo, and other Medallion Financial board members, decided to form a special-purpose acquisition company (SPAC). This company had the purpose of raising money to buy a professional sports team – which they achieved by raising $230 million.
The SPAC went on to bid for the Chicago Cubs, among other sports teams, but ultimately decided not to purchase any of them because none met the profitable and low-risk requirements.
Murstein’s public SPAC filing focused on the security industry in the same year. It included former FBI Director Louis Freeh and former Pennsylvania Governor and Homeland Security Secretary Tom Ridge on the board of directors.
In 2012, Medallion Sports Group, Richard Mack, and NFL player Jim Brown acquired the Long Island Lizards of Major League Lacrosse. This was later renamed to the New York Lizards team. The team played at Hofstra University on Long Island and won its third MLL championship in 2015.
NASCAR
In 2010, Medallion Financial Corp. acquired the racing assets of NASCAR’s Richard Petty Motorsports as part of an investment group that included Richard Petty.
In 2017, Medallion’s CEO Andrew Murstein and Petty announced that they had signed Darrell “Bubba” Wallace Jr. to drive the No. 43 car, making him the first African-American driver to compete regularly in NASCAR’s top-tier Cup Series in over 40 years.
After the 2021 NASCAR Cup Series season, Andrew sold his stake to the Chairman and CEO of Allegiant Air and owner of NASCAR team GMS Racing, Maury Galagher, in Richard Petty Motorsports.
RPM was renamed Petty GMS Motorsports as a result of this.
Andrew M. Murstein Net Worth
From 2021 to 2022, Andrew M. Murstein’s net worth has been developing expressively.
Anyway, how much is Andrew M. Murstein worth at 58 years old?
The pay source of Andrew M. Murstein is generally from being an efficacious President. By belonging, he is from the United States.
We have evaluated all of the total net worth, cash, compensation, pay, and resources of Andrew M. Murstein.
As of March 16, 2017, the estimated Net Worth of Andrew Murstein was at least $4.8 Million.
Andrew owned over 5,000 units of Medallion stock, which was worth over $1,685,079.
In addition, he made $3,113,020 as President and Chief Operating Officer at Medallion.
This evaluated net worth was still way back in 2017, so as of 2022, we could say that his net worth developed to more than $5 million already, or say up to $10 million.
Andrew has been an active trader of Medallion stock since 2016, with the most recent trade being 5,000 units on March 16, 2017, worth $10,650.
The largest trade he’s made to date was on August 11, 2016, when he bought 10,000 units worth over $54,900.
On average, Andrew trades about 3,143 units every 16 days. He still owns at least 237,335 units of Medallion stock.
| Net Worth in 2022 | $5 million to $10 million |
| Salary | Under Review |
| Net Worth in 2017 | $4.8 million |
| Earnings | $3.1 million (2017) |
| House | Not Available |
| Cars | Not Available |
| Source of Income | President |
Andrew M. Murstein Social Network
| Andrew M. Murstein LinkedIn | |
| Wikipedia | Andrew M. Murstein Wikipedia |
| Imdb |
