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Sorry, Judge Says: Joseph Jett Will Have To Pay That $8.4 Million

MANHATTAN (CN) - U.S. District Judge Lewis Kaplan rejected former stock broker Joseph Jett's appeal of an SEC order.

Jett, a former Kidder Peabody trader, claimed the SEC deprived him of due process in accusing him of securities violations. A federal judge ordered Jett to disgorge $8.2 million, fined him $200,000 and enjoined him from violating securities laws again. Jett claimed he was not given notice of the orders. Judge Kaplan says to tell it to the Marines.


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