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BUSINESS
June 26, 1993 | From Times Staff and Wire Reports
Michael Milken to Testify: The once-powerful junk bond dealer is scheduled to testify for the defense Monday in the federal securities law trial of Victor and Steven Posner, the Securities and Exchange Commission and a court clerk said. The SEC sued Victor and son Steven, charging them with violating securities laws by participating in two corporate takeover schemes with Milken and investor Ivan Boesky.
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BUSINESS
July 25, 1994 | From Times Staff and Wire Reports
Financier's Daughter Sues: Tracy Posner Ward, daughter of Miami Beach financier Victor Posner, has sued her brother and a New York lawyer, alleging that they let a $2-million trust in her name dwindle to $100,000, the Miami Herald reported. The lawsuit says she learned of the trust only last year, 31 years after it was established for her benefit.
BUSINESS
June 29, 1993 | From Associated Press
Michael Milken returned to federal court Monday and helped two former clients, Victor and Steven Posner, by testifying that he did not inform them of an illegal arrangement with stock speculator Ivan F. Boesky. Milken, 46, who completed a prison sentence earlier this year, spent nearly 2 1/2 hours on the witness stand in U.S. District Court in Manhattan, recalling his role in the 1984 takeover attempt of Fischbach Corp.
BUSINESS
June 8, 1993 | From Bloomberg Business News
Financier Victor Posner and his son Steven should be barred from ever again serving as officers or directors of a public company because of their pattern of self-enrichment, the Securities and Exchange Commission has urged in a court filing. The SEC's brief lays the groundwork for a civil trial of the Posners, scheduled to begin June 17. It is the final part of the agency's 5-year-old insider trading case against Michael Milken and his employer, Drexel Burnham Lambert Inc.
BUSINESS
December 2, 1993 | SCOT J. PALTROW, TIMES STAFF WRITER
He's completed a prison term. He's entered academia. He's hoping to reclaim respectability. But Michael Milken remains "unworthy of belief," a federal judge declared Wednesday. U.S. District Judge Milton Pollack reached that conclusion in deciding a Securities and Exchange Commission lawsuit against two other leading figures in the financial scandals of the 1980s: corporate raiders Victor and Steven Posner.
BUSINESS
September 8, 1988 | From Associated Press
Here is a list of allegedly illegal securities transactions involving Drexel Burnham Lambert Inc. or other defendants named in a Securities and Exchange Commission civil enforcement action Wednesday. The list includes transactions that involve the stock or merger activity of several prominent Southern California companies.
BUSINESS
April 14, 1994 | ROB WELLS, ASSOCIATED PRESS
At 87 years of age, U.S. District Judge Milton Pollack has seen his share of financial disasters. His career as a securities lawyer started two weeks before the 1929 stock market crash. Sixty years later that experience helped him clean up a multibillion-dollar mess stemming from the fall of Michael Milken and Drexel Burnham Lambert Inc., once one of Wall Street's most powerful investment banks, which collapsed into bankruptcy.
NEWS
April 14, 1989 | SCOT J. PALTROW and TOM REDBURN, Times Staff Writers
Drexel Burnham Lambert Inc. agreed Thursday to settle Securities and Exchange Commission civil charges against the investment firm under terms that will require sweeping supervision of its activities but will allow its hugely profitable "junk bond" department to remain in Beverly Hills. The agreement opened the way for the appointment of a new chairman for Drexel's parent company, John S. R. Shad, who is a former SEC chairman, and two new outside directors. Shad will replace Robert E. Linton, who will continue as a director of the firm.
BUSINESS
September 9, 1988 | LINDA WILLIAMS, Times Staff Writer
A caller reaching a Miami Beach, Fla., telephone number listed as the headquarters of two well-known public companies is greeted by a recorded female voice announcing that the caller has indeed reached the number dialed, followed by instructions for using the phone mail system. Eventually, a live voice politely inquires: "May I help you?" At no time will anyone state exactly what office has been reached. The number is headquarters for DWG Corp., NVF Co.
BUSINESS
September 9, 1988 | ROBERT L. JACKSON and RONALD J. OSTROW, Times Staff Writers
Federal prosecutors are expected to seek indictments within four to six weeks in a criminal investigation related to the massive civil lawsuit that the Securities and Exchange Commission has filed against "junk bond" dealer Michael Milken and his brokerage house, Drexel Burnham Lambert Inc., sources close to the case disclosed Thursday. Attorneys for the SEC filed their civil action Wednesday only after receiving assurances from U.S. Atty. Rudolph W.
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