BANKING AND FINANCE
Paine Webber Found Negligent: Securities industry arbiters have awarded $1.16 million to a Las Vegas trust that contended that Paine Webber Inc. allowed one of its brokers to “churn” a trust-related account to generate excessive commissions. National Assn. of Securities Dealers arbiters in Los Angeles found Paine Webber negligent in allowing broker Russell Todd Koehler to conduct 100 transactions out of Kenneth L. Williams’ account in the year before Williams died in 1984. Richard B. Leavitt, a Los Angeles lawyer who represented Williams’ trust in the arbitration proceedings, said Koehler is no longer in the brokerage business.
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