SLUSSER v. COMMODITY FUTURES TRADING COM'N

No. 99-2947.

210 F.3d 783 (2000)

Jerry W. SLUSSER, First Republic Financial Corporation, and First Republic Trading Corporation, Petitioners, v. COMMODITY FUTURES TRADING COMMISSION, Respondent.

United States Court of Appeals, Seventh Circuit.

Decided April 24, 2000.


Attorney(s) appearing for the Case

Frank L. Watson, III (argued), Baker, Donelson, Bearman & Caldwell, Memphis, TN, for petitioners.

William S, Liebman (argued), J. Douglas Richards, Commodity Futures Trading Commission, Office of General Counsel, Washington, DC, for respondent.

Before COFFEY, EASTERBROOK, and WILLIAMS, Circuit Judges.


EASTERBROOK, Circuit Judge.

During the spring of 1989, Jerry Slusser and entities he controls came into possession of approximately $29 million that German investors had entrusted to International Participation Corporation (IPC) for investment in American financial markets. IPC raised the money using a prospectus offering investors a choice from a number of portfolios. Portfolios III and IV were to be invested in financial futures traded

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