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S.E.C. v. HUBER

No. 12-1285.

702 F.3d 903 (2012)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. William A. HUBER and Hubadex, Inc., Defendants. Appeal of Richard Merel et al. Kevin B. Duff, Receiver, Appellee.

United States Court of Appeals, Seventh Circuit.

Decided November 29, 2012.

Attorney(s) appearing for the Case

John E. Birkenheier , Attorney, Securities and Exchange Commission, Chicago, IL, for Plaintiff.

Terry M. Grimm (argued), Attorney, Winston & Strawn LLP, Chicago, IL, for Appellants.

James B. Koch , Attorney, Gardiner Koch Weisberg & Wrona, Chicago, IL, for Defendants.

Edwin L. Durham (argued), Attorney, Rachlis, Durham, Duff, Adler & Peel, LLC, Chicago, IL, for Appellee.

Before POSNER, KANNE, and SYKES, Circuit Judges.

POSNER, Circuit Judge.

William Huber operated a Ponzi scheme in which 118 investors lost a total of $22.6 million. He had told his investors — mainly friends and acquaintances, who trusted him — that he administered three investment funds, using a computer trading model. He had started the funds in 1996 but by 1998 or 1999 had converted them (secretly of course) to a Ponzi scheme in order to cover losses that the funds had incurred. Eventually his fraud...

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