Baere

FOR PUBLICATION

UNITED STATES COURT OF APPEALS

FOR THE NINTH CIRCUIT

COMMODITY FUTURES TRADING 

COMMISSION,

Plaintiff-Appellee, v. No. 07-56629 WHITE PINE TRUST CORPORATION, a California Corporation; RICHARD  D.C. No.

CV-04-02093-J

MATTHEWS,

Defendants, OPINION and

STEPHAN BAERE,

Defendant-Appellant.  Appeal from the United States District Court for the Southern District of California Napoleon A. Jones, District Judge, Presiding

Argued and Submitted March 4, 2009—Pasadena, California

Filed August 3, 2009

Before: Diarmuid F. O’Scannlain, Pamela Ann Rymer, and Kim McLane Wardlaw, Circuit Judges.

Opinion by Judge O’Scannlain

10071 10074 COMMODITY FUTURES TRADING v. BAERE

COUNSEL

Dirk T. Metzger, Esq., San Diego, California, argued the cause for appellant and filed briefs.

Nancy R. Page, Assistant General Counsel, Commodity Futures Trading Commission, Washington, D.C., argued the cause for appellee and filed briefs; Terry S. Arbit, General Counsel, and Bradford M. Berry, Deputy General Counsel, Commodity Futures Trading Commission, Washington, D.C., were also on the briefs.

OPINION

O’SCANNLAIN, Circuit Judge:

We must…