Michael Milken’s Sentencing Delayed: Sentencing of the...

Michael Milken’s Sentencing Delayed: Sentencing of the former junk bond financier will take place next week, a clerk for U.S. District Judge Kimba M. Wood said. The sentencing was expected to take place this week. No reason for the delay was given. A specific date and time for the sentencing was not announced. Milken, 44, the former head of Drexel Burnham Lambert Inc.’s high-yield bond department, faces up to 28 years in prison for his guilty plea to six felony counts of conspiracy and fraud related to illegal securities trading. Prosecutors are seeking a stiff prison sentence. Milken and his attorneys have asked the judge for a term of community service. Sentencing initially was scheduled for Oct. 1 but was delayed for a hearing into additional government allegations against Milken. Milken submitted a lengthy letter to the judge accepting responsibility for his crimes but requesting leniency.