President Donald Trump issued a pardon Tuesday to Michael Milken, the former junk bond king who was a face of the insider trading scandals of the 1980s.
Trump, in announcing the pardon, cited the “incredible job” that Milken has done supporting cancer research since pleading guilty in 1990 to racketeering and securities fraud charges.
Milken, 73, originally was sentenced to 10 years in prison for his crimes while heading the bond department at the investment bank Drexel Burnham Lambert and fined $600 million.
But that punishment was later reduced to two years locked up after he cooperated with federal investigators.
‘Enforcement 40’ for 2020
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