Court Orders Bond Trader To Cough Up $8.21M

Law360, New York (September 12, 2007, 12:00 AM EDT) -- A former bond trader with Kidder, Peabody & Co. will disgorge $8.21 million in ill-gotten gains to settle allegations that he orchestrated a scheme to cover losses by reporting $264 million in nonexistent profits.

The U.S. Securities and Exchange Commission said on Tuesday that former Kidder Peabody vice president Joseph Jett would make the multimillion dollar forfeiture in addition to paying a $200,000 fine. Jett will also be barred from association with any registered broker dealer.

The U.S. District Court for the Southern District of New...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.