9th Circ. Boots Bank Fraud Convictions In BofA Case

Law360, New York (September 13, 2010, 5:06 PM EDT) -- Wholly owned Bank of America subsidiary Equicredit Corp. is not a “financial institution” for the purposes of criminal bank fraud laws, a federal appeals court has ruled, overturning part of a jury's verdict against a property flipper.

In a 2-1 split decision, the U.S. Court of Appeals for the Ninth Circuit on Friday shaved three counts off James Davis Bennett's 12-count fraud conviction, ruling that the trial court was wrong to conclude that BofA “owned” money held by Equicredit, which itself is not protected by the...
To view the full article, register now.