Securities and Exchange Commission v. Rana Research, Inc. (D/b/a Vista Group, Ltd.), Securities and Exchange Commission v. Rana Research, Inc. (D/b/a Vista Group, Ltd.), Vipin Sahgal, Robert H. Bretz

8 F.3d 1358 62 USLW 2304 , Fed. Sec. L. Rep. P 97,815 SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellee, v. RANA RESEARCH, INC. (d/b/a Vista Group, Ltd.), Defendant-Appellant. SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellee, v. RANA RESEARCH, INC. (d/b/a Vista Group, Ltd.), Defendant; Vipin Sahgal, Defendant-Appellant; Robert H. Bretz, Appellant. Nos. 90-56230, 91-55044. United States Court of Appeals, Ninth Circuit. Argued and Submitted Nov. 5, 1992. Decided Nov. 3, 1993. Robert H. Bretz, Marina del Rey, CA, for defendants-appellants. Eric Summergrad, Asst. General Counsel, S.E.C., Washington, DC, for plaintiffs-appellees. Appeal from the United States District Court for the Central District of California. Before: NELSON, HALL and RYMER, Circuit Judges. CYNTHIA HOLCOMB HALL, Circuit Judge: 1 Rana Research, Inc. and its president/sole shareholder Vipin Sahgal ("Defendants") appeal judgments permanently enjoining them from violating section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), and Securities and Exchange Commission (SEC) Rule 10b-5, 17 C.F.R. § 240 .10b-5. The district court had jurisdiction under 15 U.S.C. §§ 78u, 78aa,…