Commodity Futures Trading Commission v. P.I.E., Inc. Dba: Paragon Investments Marvin D. Brandon, Defendants- and Jack L. Christian, Jr., Commodity Futures Trading Commission v. P.I.E., Inc. Dba: Paragon Investments Jack L. Christian, Jr., and Marvin D. Brandon

853 F.2d 721 57 USLW 2148 COMMODITY FUTURES TRADING COMMISSION, Plaintiff-Appellee, v. P.I.E., INC. dba: Paragon Investments; Marvin D. Brandon, Defendants- Appellants, and Jack L. Christian, Jr., Defendant. COMMODITY FUTURES TRADING COMMISSION, Plaintiff-Appellee, v. P.I.E., INC. dba: Paragon Investments; Jack L. Christian, Jr., Defendants, and Marvin D. Brandon, Defendant-Appellant. Nos. 86-6374, 87-5581. United States Court of Appeals, Ninth Circuit. Submitted June 8, 1988. * Decided Aug. 3, 1988. Lee Allen Johnson, Phoenix, Ariz., for defendants-appellants. Edward S. Geldermann, Asst. Gen. Counsel, Washington, D.C., for plaintiff-appellee. Appeal from the United States District Court for the Central District of California. Before TANG, FARRIS and KOZINSKI, Circuit Judges. BACKGROUND FARRIS, Circuit Judge: 1 From January 1985 until July 1986, Paragon Investments offered and sold contracts for the future delivery of precious metals. Paragon solicited orders through advertisements in nationally circulated newspapers, the mails, and phone calls. In doing so, Paragon engaged in various deceptive and fraudulent practices that allowed it to bilk investors out of nearly $500,000 over…