SEC Said to Probe Milken’s Guggenheim Links for Ban Violation
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The U.S. Securities and Exchange Commission is investigating whether junk-bond pioneer Michael Milken acted as an adviser to Guggenheim Partners LLC in violation of a lifetime ban from the securities industry, a person with knowledge of the matter said.
Investigators are reviewing whether Milken, an investor in the $170 billion asset-management firm, has in effect managed other clients’ money by playing an active advisory role to the firm, said the person, who asked not to be named because the matter isn’t public. Neither Milken nor Guggenheim has been accused of wrongdoing.