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June 21, 1996|Times Staff and Wire Reports

Prosecutor Seeks Huge Fines Against Jett: The fines sought against Joseph Jett, the former Kidder Peabody & Co. bond trader accused of a massive scheme to falsify profits, could total hundreds of millions of dollars. Jonathan Gottlieb, a Securities and Exchange Commission lawyer, said in closing arguments at the end of Jett's civil hearing in New York that the former star trader deserves the maximum for masterminding a cover-up to create $350 million in phony profits and earn millions in bonuses over two years. Gottlieb urged the judge to impose $100,000 per violation and said Jett engaged in more than 1,000 suspect trades. Jett said he hoped the judge "has the strength of character to oppose her superiors" and render a fair decision.

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