2nd Circ. Upholds Kickback Judgment Against Broker

Law360, New York (August 19, 2011, 5:28 PM EDT) -- The Second Circuit on Friday affirmed a judgment for the U.S. Securities and Exchange Commission in its suit against a New York broker who allegedly took kickbacks in exchange for recommending stock in a trucking company to his clients.

The panel upheld a lower court's decision granting the commission's request for summary judgment and tagging Phillip J. Milligan with nearly $340,000 in penalties. In the earlier ruling, U.S. District Court Judge Nina Gershon ordered Milligan, who pled guilty and served six months in jail for the...
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