SECURITIES

PaineWebber to Pay $447,312 in Arbitration Case: PaineWebber Inc. and two employees were ordered to pay $447,312.50 to a wealthy investor for selling stocks in the customer’s account without permission. A National Assn. of Securities Dealers arbitration panel said last week that PaineWebber and employees in its Syracuse, N.Y., office are liable because they sold shares from investor Hadwen Fuller II’s account without his permission when the value of his shares fell in 1990. The decision was the second in two months in which PaineWebber was ordered to pay a wealthy investor. In January, an NASD panel ordered PaineWebber to pay $9.69 million for misleading the nephew of the late Sam Walton, founder of Wal-Mart Stores Inc. A PaineWebber spokeswoman declined comment on the Fuller case.