Damages Erased In "Mob On Wall Street" Case

Law360, New York (April 19, 2006, 12:00 AM EDT) -- In a partial setback for the U.S. Attorney’s Office, a federal appeals court has struck down two multi-million dollar restitution awards against defendants accused of mafia-related Wall Street manipulation, but declined to overturn their convictions.

In the decision, the U.S. Court of Appeals for the Second Circuit said that the $8.6 million in restitution was invalid due to problems with the government’s case against former futures trader Glen B. Laken and former hedge fund principal Lionel Reifler.

“Defects in the government’s identification of victims and quantification...
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