A federal appeals court has upheld a $17 million restitution order against Myron Gushlak, who pleaded guilty to securities fraud in 2003, saying that a Brooklyn judge was right to rely on an analysis by a statistics expert in determining investors' losses.
The unanimous panel of the U.S. Court of Appeals for the Second Circuit ruled Thursday in United States v. Gushlak, 12-1919-cr, that Gushlak had not offered any specific evidence to rebut the expert analysis. The decision, which was written by Judge Robert Sack (See Profile), affirmed an April 2012 ruling by Eastern District Judge Nicholas Garaufis (See Profile). Judges Richard Wesley (See Profile) and Susan Carney (See Profile) joined in the appellate decision.
