SECURITIES

Former Drexel Manager Barred From Brokerages: Alan E. Rosenthal, an associate of Michael Milken at Drexel Burnham Lambert Inc. in the 1980s, was barred from working with any broker-dealer as a result of his 1992 conviction for offering a gratuity to a client, the Securities and Exchange Commission said. Rosenthal, who headed the convertible bond department at the New York investment banking firm, was also prohibited by an SEC administrative law judge from participating in any penny-stock offering. The former Drexel manager, who was at the firm from 1976 to 1990, did not admit any wrongdoing during his trial.