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FIRST COMMODITY CORP. v. COMMODITY FUTURES, ETC.

No. 81-1245.

676 F.2d 1 (1982)

FIRST COMMODITY CORP. OF BOSTON and Richard Badoian, Petitioners, v. COMMODITY FUTURES TRADING COMMISSION, Respondent, and John Ruddy, Respondent.

United States Court of Appeals, First Circuit.

Decided March 25, 1982.

Attorney(s) appearing for the Case

Jeffrey V. Boxer, Boston, Mass., for petitioners.

Joan L. Loizeaux, Special Counsel, Washington, D. C., with whom Gregory C. Glynn, Gen. Counsel, and Susan A. Arnold, Atty., Washington, D. C., were on brief for respondent Commodity Futures Trading Commission.

Before COFFIN, Chief Judge, DAVIS, Judge, and BREYER, Circuit Judge.

BREYER, Circuit Judge.

This case raises the issue of what "scienter" requirement, if any, the Commodity Futures Trading Commission ("CFTC" or "Commission") must attach to its rule prohibiting fraud in the sale of foreign futures contracts in the United States. We conclude that the Commission here found that the broker committed fraud with a state of mind amounting to "recklessness," that the record supports that finding, and that the Commodity Exchange Act, 7 U.S...

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