United States Second Circuit

In a criminal prosecution for securities fraud offenses, defendants' convictions are affirmed over claims that: 1) there was insufficient evidence to support a determination that the interests at issue were "securities" for a conviction of securities related-offenses; and 2) the district court erroneously included a "no ultimate harm" charge in the jury instructions. However, defendants' sentence, which included an amount of ordered restitution for the victims' loss, is vacated and remanded where the district court erred in its loss calculations by assigning no actual value to misrepresented instruments without considering the possibility of some nominal value non-attributable to defendants' fraud.

Appellate Information

• Decided 06/11/2008
• Published 06/11/2008

Judges

• KATZMANN, Circuit Judge:, Before:  KEARSE, CALABRESI, and KATZMANN, Circuit Judges.

Court

• United States Second Circuit

Counsel

• For Appellant:
  
• Norman Trabulus, Garden City, N.Y., for Paul C. Dickau., Michael F. Bachner (Danielle L. Attias, of counsel), Bachner & Associates, P.C., New York, N.Y., for Nanci Silverstein.


• For Appellees:
  
• Geoffrey R. Kaiser (David C. James, of counsel), Assistant United States Attorneys for Roslynn R. Mauskopf, United States Attorney for the Eastern District of New York, Brooklyn, N.Y., for Appellee.