Politics

Trump advisors reportedly seeking a pardon for ‘junk bond king’ Milken

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Key Points
  • Several of President Trump's advisors, including Treasury Secretary Steven Mnuchin and senior advisor Jared Kushner, are supporting a move to pardon Michael Milken, Bloomberg News says.
  • Milken was known as the "junk bond king" in the 1980s and was convicted for securities fraud.
Chairman of the Milken Institute Michael Milken
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Several of President Donald Trump's advisors are pushing him to pardon Michael Milken, Bloomberg News reported Friday.

Michael Milken, 71, was known as the "junk bond king" in the 1980s and was convicted for securities fraud.

Bloomberg said former White House communications director Anthony Scaramucci, Treasury Secretary Steven Mnuchin, senior advisor Jared Kushner and attorney Rudy Giuliani support the pardon for Milken.

Milken has a net worth of $3.7 billion, according to Forbes. The financier, who pioneered the market for high-yield bonds while at Drexel Burnham Lambert, was sentenced to 10 years in prison and permanently banned from the securities industry by the Securities and Exchange Commission. His prison term was reduced to two years.

The White House and a spokesperson for the Milken Institute did not immediately respond to requests for comment.

See the full Bloomberg News report here.