Share this article

print logo

MILKEN'S PROBATION EXTENDED SIX MONTHS

Former junk bond chief Michael Milken, who pleaded guilty to securities-related crimes in 1990, agreed to a six-month extension of his probation that was to end Friday, his lawyer said Tuesday.

This marks the fourth extension sought by the government to allow the Securities and Exchange Commission to continue its probe into his work on several high-profile business deals.

The extension, to April 25, 1997, was approved by U.S. District Judge Kimba Wood.

The SEC has been investigating Milken's role in several transactions including MCI Communications Corp.'s agreement to invest as much as $2 billion in News Corp.

After pleading guilty to six felonies, Milken served two years in prison and paid more than $1 billion in fines and restitution.

There are no comments - be the first to comment