SECURITIES

Judge Won’t Cut Milken Associate’s Sentence: U.S. District Judge Robert L. Carter of Manhattan said he saw “no reason” to reduce the three-month prison sentence of Bruce L. Newberg, a former trader who worked under Michael Milken at Drexel Burnham Lambert Inc. Newberg’s conviction in 1989 stemmed from charges that between 1984 and 1986, he and his Princeton/Newport limited partnership created fraudulent tax deductions by rigging and prearranging trades, manipulating stock prices and parking securities--listing them under the name of someone besides the true owner. Newberg has not yet begun serving his sentence.