Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Article excerpt

Broker Accused Of Taking Bribe, Threatening Murder

The head of a small Manhattan stock brokerage firm was arrested Tuesday by federal officials and charged with accepting a $100,000 bribe to sell worthless stock to his customers.

Philip John Milligan, the head of J.P. Milligan, also was accused of threatening to beat and shoot employees of his firm if they did not lie to investigators for the Securities and Exchange Commission. He was said to have told some immigrants employees that it was "the American way" to "say you don't recall - that's how it's done in America." Milligan, 32, of Fort Lee, N.J., was charged with having accepted bribes to get his customers to buy stock in Pilot Transport, a Utah company traded on the over-the-counter bulletin board, although Milligan knew the shares were worthless. N.Y. Times Woolworth Denies Report Shoe Unit Cut Nike Orders Woolworth Corp. said Tuesday that reports its Foot Locker athletic footwear chain cut orders to Nike Inc. are untrue. Nike's shares fell as much as 6 percent after an industry newsletter report said the retailer canceled a significant part of its orders for back-to-school products with the No. 1 maker of sneakers. Shares in Nike, of Beaverton, Ore., fell as low as $63 before recovering to close at $66.50, down 50 cents. Almost 8.2 million shares wer e traded, more than five times the three-month daily average of 1.4 million. Nike declined to comment on the report in the Sporting Goods Intelligence newsletter. Bloomberg `Mooseli' Wins Battle Of Battle Creek A small Vermont cereal company said Tuesday it dropped its lawsuit against Kellogg Co. in a dispute over "Mooseli" cereal and a chicken in overalls. Ward Smyth, vice president of Yankee Fare Co., said his company reached an agreement with Kellogg. Yankee Fare sued Kellogg in September 1996, alleging monopolistic practices, Smyth said. …

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