WASHINGTON -- Shearson Lehman Brothers Inc. and one of its salesmen have been ordered by a Municipal Securities Rulemaking Board arbitration panel to pay an investo roughly $162,000 in damages in what appears to be the first award arising from defaults of Colorado special district bonds.

But two other MSRB arbitration panels refused to fine Boettcher & Co., now a division of Kemper Securities Group Inc., in connection with sales of similar bonds to two other investors, the MSRB announced yesterdya. Boettcher has received some of the heaviest publicity nationwide in connection with the string of recent failures of Colorado special district bonds.

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