9th Circ. Overturns CFTC Victory

Law360, New York (August 4, 2009, 4:21 PM EDT) -- A federal appeals court panel has ruled that the U.S. Commodity Futures Trading Commission lacked jurisdiction to litigate against a former employee at White Pine Trust Corp. who allegedly participated in a scheme to defraud investors.

In 2007, a district judge ordered Stephan Baere to disgorge $600,000 in profits and pay a $100,000 penalty based on findings that he committed fraud in connection with the offering of options through White Pine.

But on Monday, the U.S. Court of Appeals for the Ninth Circuit found that White...
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