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....
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