SECURITIES

PaineWebber Fires Broker: A PaineWebber Group Inc., broker whose clients reportedly included comedian Jackie Mason and rock singer Joan Jett was fired after he allegedly made unauthorized trades and chalked up huge losses. PaineWebber said Armando Ruiz was suspended after the first client complaint and terminated after a subsequent investigation. The firm would not reveal the specifics of the investigation of Ruiz, how many clients were involved or the amount of the alleged losses. An article to be published today in the New York Observer says the alleged unauthorized trades may have resulted in client losses totaling millions of dollars. Efforts to reach Ruiz were unsuccessful.