SECURITIES

Hill Williams Broker to Pay $23.3 Million: Investment broker David A. Colton willfully defrauded investors in the failed Hill Williams Development Corp., helping founder Donald Hill Williams to bilk investors out of $90 million, an Orange County judge ruled in a decision released Thursday. Superior Court Judge William F. McDonald ordered Colton, an Irvine businessman who has filed for personal bankruptcy, to pay $23.3 million in damages to 1,065 investors. McDonald also awarded plaintiffs $15.4 million in damages from each of four former Hill Williams Development executives: Marvin Christensen, Richard Dickerson, Charles Rountree and Lawrence V. Dorn III, all of Orange County.