WASHINGTON - The Securities and Exchange Commission has censured Donaldson, Lufkin & Jenrette Securities Corp. for failing to disclose in the initial public stock offering for Matthews & Wright Group Inc. in 1986 that the firm had conducted bogus closings of municipal bond offerings.

The action, announced yesterday as part of a settlement in which Donaldson Lufkin neither admitted nor denied guilt, was based on charges that the firm was "reckless" in not knowing about the fraudulent and cashless bond closings.

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