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The full case caption appears at the end of this opinion.

ROVNER, Circuit Judge. The CommodityFutures Trading Commission (the”Commission”) filed a civil complaintagainst appellants and other defendants,alleging that they defrauded participantsin two commodity pools bymisappropriating participants’ funds,misrepresenting material facts whilesoliciting participants, and issuingfalse statements to the poolparticipants. The parties engaged insettlement discussions, which form thebasis of this appeal. Field and Smithcontend that a binding oral agreementresulted from those discussions, and theCommission disputes that assertion. Thedistrict court sided with the Commission,and after a bench trial, found Field andSmith in violation of antifraud andregistration provisions of the CommodityExchange Act including 7 U.S.C. sec.sec.1a(4), 6o(1), 6b(a)(i), and 6b(a)(ii),and its regulation 17 C.F.R. sec.4.20.The district court ordered permanentinjunctive relief, enjoining Field andSmith from further violations, and interalia, from directly or indirectlysoliciting or accepting funds inconnection with the sale of a commodityfutures contract, trading commodityfutures or commodity options for theirown accounts or on their behalf, orcontrolling or directing commodityfutures trading. They were furtherordered to disgorge their ill-gottengains in the amount of $880,811, andSmith was additionally ordered todisgorge the sum of $146,154. The courtalso ordered Field and Smith to payrestitution totaling $1,026,965.15 tocertain investors, and Field was orderedto make further restitution of$234,561.52 to other investors. Theappellants moved for a new trial,asserting that the district court erredin ruling that there was no settlementagreement, and in failing to at leastgrant an evidentiary hearing on theissue. The court denied the motion, andthey now raise those same issues onappeal.

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