The Federal Reserve Board issued civil money penalties this week against three former employees of Sequor Group Inc., a former nonbank subsidiary of Security Pacific Corp., a bank holding company bought by BankAmerica Corp. in April 1992.

Howard S. Miller, a former Sequor Group senior vice president, paid $40,000 in fines to settle the Fed's charges. The central bank said he breached his fiduciary duty by misreporting the New York-based securities- lending business's transactions and unauthorized use and investment of customers' assets.

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