The Los Angeles Times reports:
In a tearful admission of guilt in a Manhattan federal courtroom, Milken pleaded in April 1990 to counts of conspiracy; aiding and abetting failure to meet federal securities disclosure regulations; securities fraud; aiding and abetting a regulated broker-dealer to violate securities reporting requirements; mail fraud, and assisting in filing a false tax return.
Milken was given a 10-year sentence, fined $200 million and required to pay $400 million in restitution. He later settled lawsuits for an additional $500 million.
He served 22 months at a minimum-security prison dubbed “Club Fed” in Dublin, Calif., and was released after testifying against a former colleague. He also was banned for life from the securities industry.
Trump just pardoned “junk bond king” Michael Milken.
Milken was denied pardons by two previous presidents but apparently found an advocate in Secretary Steven Mnuchin.
We launched an investigation in January:https://t.co/9AeUtm7nqV
— Citizens for Ethics (@CREWcrew) February 18, 2020
But Trump’s biggest pardon today is that of Michael Milken, the former junk bond king – the face of financial scandal in the 1980s. Trump is pardoning all sorts of felons today – which may give his opponents ammo in this election year
— West Wing Reports (edited by Paul Brandus) (@WestWingReport) February 18, 2020
Michael Milken was the inspiration for “Greed is Good” Gordon Gecko. Now, with help from his friends in the Trump administration, he’s poised to profit from a program designed to help the poor / by @JesseDrucker @EricLiptonNYT https://t.co/LwgtSUfQoU
— Mike Forsythe 傅才德 (@PekingMike) October 26, 2019