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U.S. S.E.C. v. LYTTLE

Nos. 07-2466, 07-2467.

538 F.3d 601 (2008)

UNITED STATES SECURITIES and EXCHANGE COMMISSION, Plaintiff-Appellee, v. Melvin R. LYTTLE and Paul E. Knight, Defendants-Appellants.

United States Court of Appeals, Seventh Circuit.

Decided August 7, 2008.

Attorney(s) appearing for the Case

Christopher Paik (argued), Securities & Exchange Commission, Washington, DC, for Plaintiff-Appellee.

Paul A. Greenberg (argued), Aronberg, Goldgehn, Davis & Garmisa, Chicago, IL, Paul E. Knight, Kodak, TN for Defendants-Appellants.

Before BAUER, POSNER, and WOOD, Circuit Judges.

POSNER, Circuit Judge.

Melvin R. Lyttle and Paul E. Knight were charged (along with others, not before us) in a civil case brought by the SEC with perpetrating a "prime bank" fraud. This is a common fraud in which the perpetrators solicit investments by telling prospective investors that the investors' money will be invested in high-yield bank-issued securities not available or even known to the general public. (For further description, see SEC, "Investor Alert: How...

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