WASHINGTON -- If bankers needed further evidence that their foray into mutual funds is being closely watched, the Securities and Exchange Commission delivered it two weeks ago.

Acting for the first time against a broker who sold mutual funds at a bank, the agency suspended Terrence Patrick Mulrooney of Port St. Lucie, Fla., for misleading customers about risks and yields of mutual funds during a five-month stint at First Union Corp. last year.

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