Two agreed to be fined for insider trading.

Alfred Elliott, 42, of Melbourne Beach, Fla., a former partner in the Chicago law firm of Schiff Hardin & Waite, has agreed to pay a $500,000 penalty for trading in the stock of client companies using inside information about takeover bids, the Securities and Exchange Commission said. In an unrelated case filed in Washington, the SEC said Anthony A. DePalma of Monte Serrano, Calif., former chief operating officer of Diasonics Inc., agreed to pay a $71,125 penalty for insider trading. The SEC said DePalma sold 79,000 shares of Diasonics stock in 1983 two weeks before the Milpitas, Calif.-based medical equipment maker reported its first quarterly loss in four years. As part of their agreements with the government, both men neither admitted nor denied wrongdoing.