United States Tenth Circuit

In an insider trading prosecution, the restitution order issued against defendant is reversed, where the gain from defendant's offense should be calculated in a manner that is more narrowly focused on producing a figure that reflects, in at least approximate terms, the proceeds related to his criminally culpable conduct.

Appellate Information

• Decided 07/31/2009
• Published 07/31/2009

Judges

• HOLMES, Circuit Judge., Before KELLY, McCONNELL, and HOLMES, Circuit Judges.

Court

• United States Tenth Circuit

Counsel

• For Appellees:
  
• Maureen E. Mahoney, Latham & Watkins LLP, Washington, DC (Alexandra A.E. Shapiro, J. Scott Ballenger, and Nathan H. Seltzer, Latham & Watkins LLP, Washington, DC;  and Herbert J. Stern and Jeffrey Speiser, Stern & Kilcullen, Roseland, NJ, with her on the briefs), for Defendant-Appellant., Stephan E. Oestreicher, Jr., Attorney, Criminal Division, Department of Justice, Washington, DC (Troy A. Eid, United States Attorney, and James O. Hearty and Kevin T. Traskos, Assistant United States Attorneys, District of Colorado;  and Leo J. Wise, Attorney, Criminal Division, Department of Justice, Washington, DC, with him on the briefs), for Plaintiff-Appellee., Paul D. Kamenar and Daniel J. Popeo, Washington Legal Foundation, Washington, DC;  Andrew J. Levander, David S. Hoffner, Jason O. Billy, and David P. Staubitz, Dechert LLP, New York, NY;  and Michael L. Kichline, Dechert LLP, Philadelphia, PA, filed an amicus curiae brief for the Washington Legal Foundation in support of Defendant-Appellant., Andrew H. Schapiro, Mayer Brown LLP, New York, NY;  Evan P. Schultz, Mayer Brown LLP, Washington, DC;  David B. Smith, English & Smith, Alexandria, VA;  and Barbara E. Bergman, National Association of Criminal Defense Lawyers, Albuquerque, NM, filed an amicus curiae brief for the National Association of Criminal Defense Lawyers in support of Defendant-Appellant.