Junk Bond Trader Settles Charges: A former...

Junk Bond Trader Settles Charges: A former Drexel Burnham Lambert Inc. junk bond trader who testified against Michael Milken settled civil charges that had been brought by the SEC. The SEC alleged that Peter R. Gardiner aided in stock manipulation and other securities violations while working at Drexel. Gardiner did not admit or deny the charges in the settlement, which bars him from working in the securities industry for three years. Gardiner, who was a junk bond salesman and trader in Drexel’s Beverly Hills office, testified under a grant of immunity of prosecution at a presentencing hearing for Milken.