On July 31, 2009, the Tenth Circuit reversed a district court’s forfeiture order in the high profile insider trading case, United States v. Nacchio, No. 07-1311, 2009 WL 2343716 (10th Cir. July 31, 2009). In doing so, the circuit weighed in on a controversy brewing in the Southern District of New York over the correct interpretation of the term “proceeds” as used in the Civil Asset Forfeiture Reform Act (CAFRA), codified at 18 U.S.C. §981 et seq.
Courts have also recently been divided in interpreting the term in the money laundering context. The result: Congress has amended the money laundering statute to overturn a 2008 Supreme Court decision.1
