[Federal Register Volume 69, Number 21 (Monday, February 2, 2004)]
[Notices]
[Page 4985]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-2139]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meetings

    Notice is hereby given, pursuant to the provisions of the 
Government in the Sunshine Act, Pub. L. 94-409, that the Securities and 
Exchange Commission will hold the following meetings during the week of 
February 2, 2004: An Open Meeting will be held on Wednesday, February 
4, 2004 at 10 a.m. A Closed Meeting will be held on Thursday, February 
5, 2004 at 10 a.m.
    Commissioners, Counsel to the Commissioners, the Secretary to the 
Commission, and recording secretaries will attend the Closed Meeting. 
Certain staff members who have an interest in the matters may also be 
present.
    The General Counsel of the Commission, or his designee, has 
certified that, in his opinion, one or more of the exemptions set forth 
in 5 U.S.C. 552b(c) (3), (5), (7), (9B), and (10) and 17 CFR 200.402(a) 
(3), (5), (7), (9ii), and (10), permit consideration of the scheduled 
matters at the Closed Meeting.
    Commissioner Glassman, as duty officer, voted to consider the items 
listed for the closed meeting in a closed session.
    The subject matter of the Open Meeting scheduled for Wednesday, 
February 4, 2004 will be:

    1. The Commission will hear oral argument on an appeal by 
Orlando Joseph Jett (``Jett'') and the Division of Enforcement (the 
``Division'') from an initial decision of an administrative law 
judge. Jett formerly was a government bond trader with former 
registered broker-dealer Kidder Peabody (``Kidder''). The Division 
alleges that Jett committed fraud in connection with a trading 
scheme involving U.S. Treasury zero coupon bonds by which he booked 
hundreds of millions of dollars of illusory profits for Kidder and 
earned millions of dollars in bonuses.
    The law judge dismissed the fraud charges because, although she 
found Jett's conduct fraudulent, she concluded that the fraud was 
not committed ``in connection with'' the purchase or sale of 
securities. The law judge also found that Jett aided and abetted 
Kidder's recordkeeping violations caused by the inclusion of the 
illusory profits in its financial statements. The law judge barred 
Jett from association with any broker or dealer and ordered him to 
pay a civil money penalty of $200,000, to disgorge $8.21 million, 
plus prejudgment interest, and to cease and desist from committing 
or causing any violations or future violations of the applicable 
securities laws.
    Jett appeals the law judge's findings of recordkeeping 
violations and contests the judge's findings that he engaged in a 
scheme to defraud. The Division appeals the law judge's decision 
with respect to the failure to find violations of the antifraud 
provisions.

    Among the issues likely to be considered are:
    1. Whether respondent committed the alleged violations; and
    2. If so, whether sanctions should be imposed in the public 
interest.
    For further information, please contact the Office of the Secretary 
at (202) 942-7070.
    The subject matters of the Closed Meeting scheduled for Thursday, 
February 5, 2004 will be:
    Formal orders of investigation;
    Institution and settlement of administrative proceedings of an 
enforcement nature;
    Institution and settlement of injunctive actions;
    Litigation matter; and
    Adjudicatory matter.
    At times, changes in Commission priorities require alterations in 
the scheduling of meeting items. For further information and to 
ascertain what, if any, matters have been added, deleted or postponed, 
please contact:
    The Office of the Secretary at (202) 942-7070.

    Dated: January 28, 2004.
Jonathan G. Katz,
Secretary.
[FR Doc. 04-2139 Filed 1-29-04; 12:34 pm]
BILLING CODE 8010-01-P