In March 1989, a federal grand jury indicted Michael Milken on 98 counts of racketeering and fraud.  You read that correctly, 98 counts! Wikipedia says, "... Milken condoned questionable and illegal acts by his colleagues..."  Josh Friedman and Mitch Julis worked under Milken when he was indicted, and learned their trade from Michael Milken, according to the well-respected Institutional Investor publication. https://www.institutionalinvestor.com/article/b14zbkcxmfn0fn/canyon-capital-thrives-in-a-transforming-financial-landscape

In March 1989, a federal grand jury indicted Milken on 98 counts of racketeering and fraud. The indictment accused Milken of a litany of misconduct, including insider trading.  On April 24, 1990, Milken pleaded guilty.  As part of his plea, Milken was sentenced to ten years in prison, fined $600 million, and permanently barred from the securities industry by the Securities and Exchange Commission. Milken agreed to pay $200 million in fines. At the same time, he agreed to a settlement with the SEC in which he paid $400 million to investors who had been hurt by his actions. He also accepted a lifetime ban from any involvement in the securities industry. In a related civil lawsuit against Drexel Burnham, he agreed to pay $500 million to Drexel's investors. 

At Milken's sentencing, Judge Kimba Wood told him:

You were willing to commit only crimes that were unlikely to be detected. ... When a man of your power in the financial world ... repeatedly conspires to violate, and violates, securities and tax business in order to achieve more power and wealth for himself ... a significant prison term is required.