Nos. 85-1650, 85-1675, 85-1676 and 85-1677.

785 F.2d 184 (1986)

UNITED STATES of America, Plaintiff-Appellee, v. Beverly J. RAMSEY, Michael J. Marshall, Stuart A. McCreary, and James Joseph O'Donnell, Defendants-Appellants.

United States Court of Appeals, Seventh Circuit.

Decided February 28, 1986.

As Amended on Denial of Rehearing and Rehearing April 9, 1986.

Attorney(s) appearing for the Case

David A. Caulk, William R. Beu, P.C., Rockford, Ill., Paul E. Schaafsma, Sheila M. Murphy, Geary W. Kull, Chicago, Ill., for defendants-appellants.

Michael T. Mullen, Asst. U.S. Atty., Anton R. Valukas, U.S. Atty., Chicago, Ill., for plaintiff-appellee.

Before CUMMINGS, Chief Judge, and CUDAHY and EASTERBROOK, Circuit Judges.

As Amended on Denial of Rehearing and Rehearing En Banc April 9, 1986.

EASTERBROOK, Circuit Judge.

The defendants in this case portray themselves as more gullible than the victims. The victims were taken in by promises of long-term million-dollar loans at 6% to 8% interest, loans they were told they would never have to pay back. Pie in the sky does not come cheap; victims paid as much as $7,500 for each $1 million of loan. The fees were to be "fully refundable...


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