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...
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