SECURITIES

SEC Upholds Broker’s Ouster From NASD: The commission upheld a ruling to expel New York brokers Hibbard Brown & Co. from a securities industry group for charging excessive fees. The Securities and Exchange Commission decision upholds a ruling last summer by the National Assn. of Securities Dealers Inc. to expel the firm and two executives from its ranks. The NASD also ordered the executives and the firm to pay about $9 million in restitution and penalties. New York-based Hibbard Brown, which last year had 15 branches nationwide and employs about 450 brokers, probably will be put out of business as a result of the SEC’s order, a NASD official said.