SECURITIES

Charges Against Bruce Newberg Dropped: The government dropped criminal charges against the former Drexel Burnham Lambert Inc. trader who was named in the 1989 indictment of financier Michael Milken. The U.S. attorney’s office in Manhattan said it dropped the charges because Newberg had already been convicted in a related securities fraud case involving Princeton-Newport Partners. Newberg, who worked for Milken in Drexel’s Beverly Hills junk bond department, was convicted and sentenced to three months in prison in the Princeton-Newport case. Princeton-Newport was a Drexel customer. In March, 1989, Newberg was named in a 98-count indictment along with Milken and Milken’s brother, Lowell. Milken later agreed to plead guilty to six trading-related felonies and pay $600 million in penalties.