SECURITIES

PaineWebber to Pay CFTC Fine: PaineWebber Inc. agreed to pay $150,000 to settle Commodity Futures Trading Commission charges that it failed to keep proper records of a former employee’s orders. The firm allegedly violated laws by failing to make an immediate written record of orders made by Lovell Braxton Northern III between December, 1987 and May, 1989, the CFTC charged. Northern, whose last known address was in Beverly Hills and who no longer works for the firm, assigned profitable trades to his personal account and unprofitable trades to his customers’ accounts, the CFTC said. Northern’s alleged illegal activity caused customers to lose almost $700,000, while he made a profit of about $55,000, a CFTC official said.