J. BLAINE ANDERSON, Circuit Judge:
The Securities and Exchange Commission brought an action against James H. Randolph and Charles Blackard alleging violations of § 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), and Rule 10b-5, 17 C.F.R. 240.10b-5, for illegal insider trading. Simultaneous with the filing of the complaint, the parties filed a proposed consent decree. The district court,
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