The former chief investment officer for Mitchell Hutchins Asset Management of New York has agreed to pay $10,000 to settle SEC charges that she failed adequately to supervise a portfolio manager's investment and securities pricing practices.

Ellen Griggs gave portfolio manager Stephen H. Brown almost total control over key parts of Brown's job with little or no effective oversight from September, 1993 to April, 1994, the SEC alleged in an order filed Sept. 27. Griggs did not adequately oversee Brown, whom the SEC alleged purchased inappropriate derivatives for his fund, then known as the Paine Webber Short-Term U.S. Government Income Fund.

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