WASHINGTON -- Synovus Securities Inc. of Columbus, Ga., and its former president have agreed to pay a total of $250,000 in fines for failing to tell customers that a midleman profited in more than 120 municipal transactions done on their behalf, the SEC said yesterday.

Between 1988 and 1991, Synovus president Clark L. Reed Jr. did the trades directly through longtime friend Richard T. Taylor instead of shopping around for buyers or sellers who could provide the best price for their customers' bonds, the Securities and Exchange Commission charged.

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