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May 21, 1993|From Times Staff and Wire Reports

Former Drexel Chief Suspended for 3 Years: Frederick H. Joseph, former chief executive of Drexel Burnham Lambert Inc. during the rise and fall of Michael Milken, has agreed to a three-year suspension from any management role in the securities industry. The agreement is part of a settlement with the Securities and Exchange Commission and concludes the last investigation by regulators into Joseph's relationship with Milken and the downfall of Drexel. Joseph, 55, previously was sanctioned by the New York Stock Exchange, thrift regulators and the SEC, but he paid no fines out of his own pocket in the Drexel affair. In settling, Joseph neither admitted nor denied any wrongdoing.

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