SECURITIES

Shearson Must Pay $1.4 Million for Broker Infractions: A New York Stock Exchange arbitration panel ordered Shearson Lehman Bros. Inc. to pay an investor $1.4 million for infractions that included buying and selling securities in a customer’s account without permission. Investor Dale Pon contended that a former Shearson broker, Lawrence J. Green, made unauthorized purchases and sales of securities, unauthorized purchases on margin and “churned” his account by engaging in excessive trading to increase commissions. The arbitrators said the actions were “so egregious” that they included $250,000 in punitive damages in the award.