Reading "proceeds" to mean "receipts" rather than "profits" in the federal criminal forfeiture statute better vindicates the punitive intent of the statute, Judge Robert Sack wrote in ordering a defendant to forfeit $23 million as punishment for his scheme to defraud Chase bank by withdrawing millions from a revolving line of credit.
October 10, 2013 at 12:00 AM
1 minute read
The federal criminal forfeiture statute requires the forfeiture of gross receipts and not just profits from a defendant’s scheme, the U.S. Court of Appeals for the Second Circuit ruled Wednesday.
A two-judge panel said the punitive intention of the statute, 18 U.S.C. §982(a)(2), was best met by including all the money flowing to a defendant and not just profits, which the court said are often difficult to calculate.
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