President Trump, on Tuesday, issued a pardon for Michael Milken, who in 1989 was indicted for racketeering and securities fraud and was sentenced to 10 years in prison and a $600 million fine. That sentence was later reduced to two years because of good behavior and Milken’s testimony against former employees.
Milken, 73, known as the “junk bond king” in the 1980s, is barred from trading securities because of his conviction. Since his release from prison, he has become known for his charitable giving. He has funded research for cancer treatments and other illnesses considered to be life-threatening. In 2007, Fortune magazine called him “The Man Who Changed Medicine.” Milken was released from prison in 1993.
Trump also Tuesday commuted the 14-year prison sentence of former Illinois Gov. Rod Blagojevich to eight years. In 2011, Blagojevich was convicted on 17 counts of corruption, which included trying to sell the Senate seat recently vacated by then-Sen. Barack Obama.
“He’ll be able to go home to his family after serving eight years in jail; that was a tremendously powerful ridiculous sentence, in my opinion,” Trump said.
