The Los Angeles billionaire was pardoned by President Trump on Tuesday.
Get up to speed with our Essential California newsletter, sent six days a week.On Tuesday, President Trump granted billionaire Michael Milken one of the few things money can’t buy: a presidential pardon.in the Los Angeles Times]
At the apex of his power, Milken earned $550 million in a single year. That was more than four times theof the Securities and Exchange Commission — the agency whose far-reaching investigation would soon topple Milken’s position at the top of the financial world, and ultimately land him in a prison cell.
Which brings us to that fall. In March 1989, Milken was indicted on 98 counts of racketeering and securities fraud. The indictment accused him of a prolonged pattern of insider trading, stock market manipulation and defrauding clients. Milken pleaded guilty to six felonies in 1990 and was sentenced to 10 years in prison. He served a little less than two, and then embarked on one of the great image rehabilitation campaigns of our time.in the Los Angeles Times]
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