The SEC settled securities fraud charges against Theodore Charles Sihpol III, a Banc of America Securities broker implicated in September 2003 for his role in a late-trading scandal. Mr. Sihpol agreed to pay a $200,000 fine and has been banned for five years from the securities industry. The SEC, in a lawsuit filed in U.S. District Court in New York, claimed Mr. Sihpol permitted Canary Capital Partners, a hedge fund customer of Banc of America, to engage in late trading in mutual fund shares after the 4 p.m. ET close of trading. Mr. Sihpol agreed to the settlement without admitting or denying the allegations.