Securities and Exchange Commission v. Victor Posner and Steven N. Posner, and Drexel Burnham Lambert, Inc.

TIMBERS, Circuit Judge:

Victor Posner and Steven N. Posner (the Posners) appeal from a judgment entered after a bench trial in the Southern District of New York, Milton Pollack, Senior District Judge, SEC v. Drexel Burnham Lambert, Inc., 837 F.Supp. 587 (S.D.N.Y.1993), which (1) held that the Posners committed securities fraud and violated various provisions of the securities laws; (2) enjoined them from acting as officers or directors of any public company; (3) ordered them to place in a voting trust any securities they own in public companies under their control; and (4) ordered them to…