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Securities

July 23, 1994|From Times Staff and Wire Reports

Supervisor of Fired Kidder Star Quits: A government bond trading scandal at Kidder, Peabody & Co. claimed another victim as the supervisor of the central figure in the saga quit, effective immediately. Edward A. Cerullo, executive managing director, head of Kidder's fixed-income division and a 15-year veteran of the Wall Street investment firm, said in a statement that he decided to resign because of "the events of recent months." Cerullo supervised Joseph Jett, a former star bond trader fired from Kidder three months ago after the firm accused him of concocting $350 million in phony profits from government bond trading to hide losses and inflate his bonus.

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