The SEC censured Sutro & Co. for overcharging.

The Securities and Exchange Commission said the San Francisco brokerage house had failed to reasonably supervise certain former employees who allegedly took “excessive” commissions on Treasury bond sales in 1982-84. Sutro & Co. should have detected the overcharges internally, the SEC charged. A settlement was made without the firm admitting or denying any wrongdoing. The company said it would refund any overcharges to clients within 120 days.