FRANKFURT, Ky. -- Testifying yesterday in the federal extortion trial of the husband of former Kentucky Gov. Martha Layne Collins, the president of Donaldson, Lufkin & Jenrette Securities Corp. said that his firm partially reimbursed employees who had made investments in horse partnerships sold by Bill Collins.

Bill Collins, the governor's husband, was charged in July 1992 with one count of extortion for allegedly forcing Donaldson Lufkin and Cranston Securities to ante up more than $1 million in campaign contributions so the firms could win underwriting contracts. Collins is also charged with breaking federal tax laws. No other persons have been charged.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.