Alan Rosenthal, Milken Protege, Gets Suspended Sentence
NEW YORK (AP) _ A former Drexel Burnham Lambert Inc. executive convicted after his former boss, Michael Milken, testified against him was spared prison at his sentencing today.
U.S. District Judge Louis L. Stanton suspended a one-year prison sentence for Alan Rosenthal, who was convicted of attempting to bribe a pension plan manager.
Rosenthal, 52, also was placed on three years’ probation and fined $250,000. He was acquitted of more serious charges including conspiracy, securities fraud, mail fraud and embezzlement.
Milken, who has served 20 months in prison for illegal securities transactions while he ran Drexel’s junk-bond operation, testified against his longtime friend at a trial last spring.
The testimony helped earn him a reduction in his prison stay, and Milken is elegible for release in March.
Rosenthal said he was ″very relieved″ with his sentence. Rosenthal, the former head of convertible bond trading at Drexel’s high-yield bond department, had faced a maximum term of three years.
His lawyer, Peter Fleming, called Rosenthal a ″courageous man,″ telling the judge that he had to endure what became ″a public, a notorious case″ because of Rosenthal’s relationship with Milken.