SECURITIES

Alex. Brown, Broker Fined: Baltimore-based Alex. Brown Inc. and one of its brokers were ordered by regulators to pay a total of $300,000 for violating rules governing the sale of so-called Regulation S securities. Regulation S securities don’t have to be registered with the Securities and Exchange Commission because they are to be sold outside the U.S. for at least 40 days from the time they are issued. Alex. Brown and broker Beaumont Bianchi of the firm’s Los Angeles office agreed to the financial penalties without admitting or denying the allegations by the National Assn. of Securities Dealers. Alex. Brown was fined $100,000 and Bianchi $50,000. The firm and the broker also were ordered to surrender another $150,000 in commissions.