- President Trump pardoned Michael Milken , the "junk bond king," on February 18.
- Milken was an innovator in the use of riskier high-yield bonds, or "junk bonds," which paid a higher interest rate than standard investment-grade bonds because of their lower credit ratings, stemming from a perceived higher risk.
- A superstar on Wall Street in the 1980s, Milken was indicted on charges of insider trading in 1989. He ultimately pleaded guilty to six felony charges of securities fraud and spent 22 months in prison.
- Milken become a philanthropist after getting out of prison, and donated money to cancer research following his own diagnosis in 1993. Even though he was given 18 months to live at the time, he made a full recovery.
- Commenting on Milken's pardon , President Trump said, "He paid a big price; paid a very tough price. But he's done an incredible job." Press Secretary Stephanie Grisham called the charges against him "truly novel."
- Visit Business Insider's homepage for more stories .
Paul Bruinooge / Getty
Born to Jewish parents in California, Milken is a graduate of the University of California, Berkeley, and has an MBA from the University of Pennsylvania's Wharton School of Business. He's married to his high school sweetheart.
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