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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.