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Former Junk Bond King Milken Now Confronts Different Types of Bonding


July 1993

Former junk bond king Michael Milken will be working with DARE, the Drug Abuse Resistance Education program. This is part of a sentence requiring 1800 hours of community work annually for three years after his release from prison. (Jonathan Moses, "Milken To Work In Anti-drug Program," Wall Street Journal, 6/4/93, B8).

Milken was originally sentenced to 10 years in prison for insider trading, but had his term reduced after he informed on others who had also profited through insider trading. Milken will spend most of his obligatory service helping develop a combination educational and recreational anti-drug program. Despite having paid the government more than $1 billion in fines, Milken still controls a family fortune estimated at $500 million.