POSNER, Circuit Judge.
This unwieldy commodities-fraud case, rich in parties and issues, comes to us after a five-week trial that produced a record of several thousand pages. However, the essential facts are simple (and we shall make them even simpler, to the extent this can be done without distorting our analysis), and many of the issues require little or even no discussion.
At the heart of the fraud was Robert Serhant, who between 1980 and 1982 offered investors...
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