The "junk" bonds that Milken pioneered were used to finance corporate takeover battles, and he became a dominant force in the 1980s takeover boom.
In 1995, the SEC began investigating Milken again, soon after it became public that he had received a $50 million fee for helping to broker Time Warner's purchase of Turner Broadcasting.
The agency sued Milken in 1998, alleging that he violated his pledge not to re-enter the securities business. Without admitting or denying the allegations, Milken agreed to repay $47 million in brokerage fees.
Guggenheim, along with basketball great Magic Johnson, is among the owners of the Los Angeles Dodgers. They bought the Major League baseball team out of bankruptcy last year for $2 billion from Frank McCourt.