SECURITIES

NYSE Disciplines Broker Spotlighted in Times Series: The New York Stock Exchange announced disciplinary action this week against a former Los Angeles-based Shearson Lehman Bros. broker for repeatedly investing customers’ money in unsuitably risky investments. Stephen T. Rangen had been cited as one of the main examples in a 1992 Los Angeles Times series on brokers at major Wall Street firms who had long records of customer complaints, disciplinary action and arbitration claims. The NYSE censured Rangen and banned him from working for any NYSE member firm for four years. Rangen, 47, said he is appealing the NYSE’s disciplinary decision to the Securities and Exchange Commission. He declined to comment further.