Saberi

FOR PUBLICATION

UNITED STATES COURT OF APPEALS

FOR THE NINTH CIRCUIT

ANDY SABERI, 

Petitioner, No. 05-71590 v.  CFTR No.

CFTR 01-

COMMODITY FUTURES TRADING

COMMISSION, OPINION

Respondent.  On Petition for Review of an Order of the Commodities Futures Trading Commission

Argued and Submitted March 15, 2007—San Francisco, California

Filed June 4, 2007

Before: Melvin Brunetti, William A. Fletcher, and Carlos T. Bea, Circuit Judges.

Opinion by Judge Bea COUNSEL

Hugh J. Cadden, Esq., Corte Madera, California, for petitioner Andy Saberi.

Nancy R. Page, Esq., and Bella L. Rozenber, Esq., Office of the General Counsel, Commodity Futures Trading Commis- sion, Washington, D.C., for respondent Commodity Futures Trading Commission. 6722 SABERI v. COMMODITY FUTURES TRADING COMMISSION

OPINION

BEA, Circuit Judge:

We are called upon to decide whether a rule of a commod- ity exchange can form the basis of federal agency action to punish its violation. If so, was the agency finding proper, under the circumstances?

Petitioner Andy Saberi (“Saberi”) intentionally violated Chicago…