European Stars And Stripes (Newspaper) - September 9, 1988, Darmstadt, Hesse Friday. September 9, 19bb the stars and stripes Page 7 exercising elephants is All in a Day s work for an animal Trainer like Terry Frisco who has to our and Tough task putt on the Tail of this a year and to keep him under control. Frisco is with Frisco and son s circus which provided animals aplenty for fair Sacra at the upper South Carolina Fairgrounds in Greenville , Drexel official charged in lawsuit Michael Milken new York a in a continuing crackdown on Wall Street corruption the government has accused investment giant Drexel Burnham Lambert inc. And a company official or fraud ranging from insider trading to falsifying books. A 184-Page civil suit filed wednesday by he securities and Exchange commis Sion stemmed from a 2-year-old investigation following the Ivan Boesky insider trading scandal. The complaint filed in Manhattan fed eral court alleged fraudulent conduct involving insider trading Stock manipulation fraud on or exers own clients failure to disclose beneficial ownership of securities and numerous other Viola the wants the defendants including the head of Creel s junk Bond operations to give up the profits made on the affected Slock trades and pay a penalty of triple the profits. The Agency offered no specific figure but sen. William pro Mirc. Chairman of the Senate banking committee said the was seeking 1100 million. Michael Milken head of Drexel s junk Bond operations denied any wrong doing. Frederick h. Joseph chief executive officer of Drexel reiterated the company s position thai it would be absolved of Floc charges. The s move capped months of speculation that the government had assembled an extensive Case against the firm As a result of the investigation into Wall Street abuses spawned by the Boesky scandal. _ Brocsky was charged with violating in Sider trading related securities Laws in november 19b6 and settled Chorgas by agreeing to return profits and pay fines totalling si00 million. Brocsky is now in prison. According to the complaint or col and Milken of Encino calif., had a secret arrangement with Boesky involving at least 16 series of illegal securities transactions. Under that agreement the claimed that Brocsky controlled Compa Nies secretly bought sold or held Securi ties for or excl or other individual defendants and that sometimes Drexel reciprocated with secret transactions for Brocsky. The alleged that employees of Drexel and Brocsky companies Kepi secret records of securities positions taken As part of the arrangement. The also charged that or excl and Milken in at least two additional transactions traded in securities using confidential information misappropriated from or excl clients. . Law bars corporate executives in vestment Bankers and others with Access to confidential corporate information from using it to Trade in securities. Joseph said the company would be cleared. Hundreds of transactions have been reviewed yet As shown by the charges and As we have been predicting there is Little in the filing that is not based on Ivan Bosacky s he said. In a separate statement Milken also predicted he would be vindicated in court. Retired officers urge repeal of War Powers act Washington
