A federal judge said Michael Milken should serve at least three years of his 10-year prison sentence and placed the cost of his crimes at $318,000, far below the government's estimate of $4.7 million.

The U.S. Probation Office valued the crimes contained in the guilty plea by the former Drexel Burnham Lambert Inc. financier at about $685,000.The estimates are expected to be considered when the U.S. Parole Commission decides how long Milken must be imprisoned before becoming eligible for parole.