WASHINGTON -- Van Kampen Merritt Inc. and one of its brokers have been held liable by an arbitration panel for $31,200 in losses resulting from Executivie Life Insurance Co.-backed bonds that the firm sold to an Illinois bank.

In addition, Miller & Schroeder Financial Inc. and one of its brokers have been ordered by arbitrators to pay an investor $15,210 in connection with bonds sold in Texas and Minnesota that have gone into default, including an offering that the firm underwrote with Buchanan & Co., a now-defunct underwriter of retirement center bonds.

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