N.J. Moves to Bar Drexel From Casino Industry
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TRENTON, N.J. — State gaming officials moved today to bar Drexel Burnham Lambert Inc. from doing business with New Jersey’s casino industry because of the firm’s involvement in a major Wall Street corruption scandal.
Anthony J. Parrillo, director of the New Jersey Division of Gaming Enforcement, issued a statement saying the division filed a complaint with the Casino Control Commission seeking suspension of the investment company’s casino business dealings, a lucrative source of business for Drexel.
Parrillo said the gaming division wants Drexel’s business stopped until a federal fraud investigation surrounding the firm is completed.
Drexel has earned fees totaling more than $120 million by marketing securities valued at more than $3 billion for the Atlantic City casinos, said Parrillo, whose division is the investigative arm of the state attorney general’s office.
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