Ellen Griggs, former chief investment officer of Mitchell Hutchins Asset Management, has agreed to a one-month suspension from associating with an investment adviser and has agreed to pay a $10,000 fine to settle an administrative proceeding brought against her by the SEC. Ms. Griggs also agreed to be suspended from acting as a supervisor with any investment adviser for four months. As part of the agreement, Ms. Griggs did not have to admit to the commissions findings. The SEC, in September 1998, alleged Ms. Griggs failed to adequately supervise Stephen Brown, a fund manager under her supervision. The SEC alleged that between September 1993 and February 1994, Mr. Brown purchased mortgage-backed securities in contravention of the funds disclosed investment policies. Mr. Brown allegedly falsified the valuation of those securities, and when interest rates increased in February 1994, the fund incurred significant losses. David Smith, Ms. Griggs attorney, declined to discuss her current activities. A Mitchell Hutchins spokeswoman said Mr. Brown was no longer with the firm. Mr. Brown settled his case with the SEC last September, said an SEC official.