Drexel to Pay $1.3 Million to Settle...
From Times Staff and Wire Service Reports
Drexel to Pay $1.3 Million to Settle Charges: Drexel Burnham Lambert Inc. has agreed to pay Illinois $1.3 million in administrative fines in connection with its guilty plea to federal securities violations. The settlement exceeds by nearly $1 million the highest penalty collected by any other state so far from the Wall Street brokerage, which pleaded guilty last September to federal mail and securities fraud in U.S. District Court in Manhattan. Drexel said Illinois was the 37th state with which the New York-based firm had settled.
