Restitution Can't Be Based On Illicit Gains, 2nd Circ. Says

Law360, New York (April 18, 2012, 2:51 PM EDT) -- The Second Circuit said Wednesday in a precedential decision that courts may not calculate restitution based on a criminal defendant’s illicit gains, but it backed a restitution order for a former Morgan Stanley & Co. Inc. trader sentenced on bribery charges because he had never raised the issue.

A three-judge panel backed previous rulings in several of its sister appeals courts, including the Fourth Circuit, finding that a defendant’s gain could not be used as a proxy for actual losses by victims in tabbing restitution....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.