United States Second Circuit

That part of conviction ordering defendant to pay millions in restitution to H.U.D. for losses it sustained as the guarantor of defaulted loans obtained in violation of 18 U.S.C. section 1014 is vacated where the nominal sale price of property with a higher fair market value cannot be used to calculate offset value because such a calculation impermissibly awards a victim restitution in excess of its compensable loss.

Appellate Information

• Decided 06/13/2006
• Published 06/13/2006

Judges

• REENA RAGGI, Circuit Judge., Before JACOBS, SACK, and RAGGI, Circuit Judges.

Court

• United States Second Circuit

Counsel

• For Appellees:
  
• Richard H. Rosenberg (Michael O. Hueston, on the brief), New York, NY, for Defendant-Appellant., Peter A. Norling, Assistant United States Attorney (Nicole Boeckmann, Assistant United States Attorney, on the brief), for Roslynn R. Mauskopf, United States Attorney for the Eastern District of New York, Brooklyn, NY, for Appellee.