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Broker to Repay Investor

The Business Press

Stock brokerage A.G. Edwards, Inc. has been ordered by the National Association of Securities Dealers to pay an Indio widow $339,974 for failing to properly supervise a broker who made risky investments with her savings in 1999.

NASD arbitrators awarded $142,839 in compensatory damages, $100,000 in punitive damages and $97,135 in legal fees to Delores White on April 13.

Ted Mendoza, an A.G. Edwards broker in Redlands, made a risky variable annuity purchase for White, now 75, according to a release by her lawyer.