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August 10, 1994|From Times Staff and Wire Reports

K&B Employee Settled on Kickback Charges: The Securities and Exchange Commission charged that Thomas Piteo, a senior vice president at home builder Kaufman & Broad in the 1980s, took nearly $435,000 in kickbacks from a stockbroker to whom he steered corporate securities trades from 1986 to 1989. Piteo settled the charges without admitting or denying guilt, but he agreed to repay $159,155--the most he could afford, the SEC said--to K&B's corporate successor, SunAmerica. The SEC said Piteo got the payoffs from Aurelio Martinez, a broker at Prudential Securities and PaineWebber Inc., who received more than $1 million in commissions on transactions valued at $714 million. Martinez also settled the civil charges and pleaded guilty to a felony count of filing a false statement with the IRS.

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