Milken Pays Millions To Settle New Charges

Fri., Feb. 27, 1998

From Staff And Wire Reports

Onetime junk bond king Michael Milken has agreed to pay $47 million to settle charges he took part in two business deals despite being banned for life from Wall Street.

As Milken resolved the civil complaint Thursday, prosecutors said there will be no new criminal charges for engaging in the securities transactions. His parole expires Sunday from a 1990 insider trading conviction.

The civil charges, filed in federal court in New York, were the culmination of a Securities and Exchange Commission probe into whether Milken violated the terms of a 1991 agreement by acting as a consultant on major business deals.

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Milken Pays Millions To Settle New Charges

Jesse Tinsley

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