WASHINGTON -- A key House panel, concerned about the alleged bilking of municipalities nationwide by California investment adviser Steven Wymer, got an earful from state and local officials yesterday about the need for better regulation of financial advisers.

Michael Williams, treasurer of Colton, Calif., outlined his grueling efforts in November 1988, when he first took office, to trace city funds that had been invested 10 months earlier through investment adviser Denman & Co.

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