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  5. 853 F.2d 721 (1988)
 

COMMODITY FUTURES TRADING COM'N v. P.I.E., INC.

Nos. 86-6374, 87-5581.

853 F.2d 721 (1988)

COMMODITY FUTURES TRADING COMMISSION, Plaintiff-Appellee, v. P.I.E., INC. dba: Paragon Investments; Marvin D. Brandon, Defendants-Appellants, and Jack L. Christian, Jr., Defendant. COMMODITY FUTURES TRADING COMMISSION, Plaintiff-Appellee, v. P.I.E., INC. dba: Paragon Investments; Jack L. Christian, Jr., Defendants, and Marvin D. Brandon, Defendant-Appellant.

United States Court of Appeals, Ninth Circuit.

Decided August 3, 1988.

Attorney(s) appearing for the Case

Lee Allen Johnson, Phoenix, Ariz., for defendants-appellants.

Edward S. Geldermann, Asst. Gen. Counsel, Washington, D.C., for plaintiff-appellee.

Before TANG, FARRIS and KOZINSKI, Circuit Judges.

BACKGROUND

FARRIS, Circuit Judge:

From January 1985 until July 1986, Paragon Investments offered and sold contracts for the future delivery of precious metals. Paragon solicited orders through advertisements in nationally circulated newspapers, the mails, and phone calls. In doing so, Paragon engaged in various deceptive and fraudulent practices that allowed it to bilk investors out of nearly $500,000 over an eighteen-month span.

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