The Securities and Exchange Commission has started compensating investors who were injured by illegal proprietary trading by seven New York Stock Exchange specialist firms. Almost exactly two years ago, Bear Wagner Specialists, Fleet Specialist (now Banc of America Specialist), LaBranche & Co., Spear, Leeds & Kellogg Specialists, Van der Moolen Specialists USA, Performance Specialist Group and SIG Specialists agreed to pony up an estimated $247 million in disgorgement and civil penalties for the improper trading. The funds were deposited in seven so-called “Fair Funds” and will be handled by a single fund administrator, Heffler, Radetich & Saitta of Philadelphia, to cut costs. The first installment consists of an estimated $52 million, but the SEC has not disclosed who would receive the payments and how they were chosen.