HILL, Circuit Judge.
Eddie MacClain was indicted by a federal grand jury in Colorado on five counts of securities fraud and mail fraud, in violation of 15 U.S.C. §§ 77q(a) and 77x, and of 18 U.S.C. §§ 2 and 1341. He subsequently was convicted by a jury on all counts.
The following evidence was adduced at trial. In the summer of 1966, MacClain and Kenneth Cook decided to establish a mail order business in Denver, Colorado. Neither one had...
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