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January 08, 1994|From Times Staff and Wire Reports

Posner Quits 2 Companies: Victor Posner, the Miami investor banned from controlling public companies due to numerous securities laws violations, resigned in accordance with terms of a Dec. 1 federal court order. He stepped down as director and chief executive of Salem Corp., a Pittsburgh-based industrial equipment manufacturer, and as chairman of NVF Corp., a Wilmington, Del.-based manufacturer of fiber and plastics. Posner's son Steven also resigned a post at NVF Corp., a spokeswoman said. The SEC has charged that the Posners engaged in a fraudulent scheme with Michael Milken, the former Drexel Burnham Lambert junk bond dealer, and once-prominent stock speculator Ivan F. Boesky.

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