Critics of the agency were not impressed. "It's too little, too late," said Ellen Miller, executive director of the Center for Responsive Politics. "The F.E.C. should be applauded for moving in this direction, but how can this possibly be a deterrent?"

Mr. Trump, who exceeded the annual limit by the largest amount by giving a total of $72,050 in 1988, agreed to pay $15,000. "We were going to fight it, but it would have cost more money than the settlement," he said. "We would have spent more money on legal fees."

The F.E.C. said it had initiated an investigation two days after The Los Angeles Times reported in April 1990 that the donors had exceeded the ceiling on campaign contributions.

The agency said it had no current records on the individual donations made by the contributors because some of the money had been returned after the investigations began.

Mr. Andreas and his wife, Dorothy, a politically active couple who contribute to both Democratic and Republican candidates, agreed to a joint penalty of $8,000. Mr. Andreas made contributions totaling $38,680 in 1988 and Mrs. Andreas contributed $29,680.