SECURITIES

Milken’s Probation Extended: A federal judge added two months to convicted financier Michael Milken’s sentence so that Securities and Exchange Commission regulators can examine whether he violated his exile from the securities industry by serving as a consultant. It was the second extension for Milken, who served two years in prison for securities law violations he committed while head of junk bonds at Drexel Burnham Lambert Inc. during the 1980s. The SEC is expected to focus on whether Milken violated probation when he counseled Ted Turner in negotiations to sell Turner Broadcasting System Inc. to Time Warner Inc. for $7.5 billion. Milken originally was to serve three years on probation, ending March 1. He will now remain on probation through July. “We’re continuing to cooperate to the fullest and hope for a speedy resolution,” said Milken spokesman Michael Reese.