Eleventh Circuit - Economic Crimes

United States v. Muho, 978 F.3d 1212 (11th Cir. 2020). The 2-level increase at §2B1.1(b)(17)(A) for “deriving more than $1,000,000 in gross receipts from one or more financial institutions as a result of the offense” applied in the context of property held by a financial institution for a depositor. The financial institution “(1) must be the source of the property” (meaning that it has property rights but is not necessarily sole owner of the property) and “(2) must have been victimized by the offense conduct.” (emphasis in original)

United States v. Bazantes, 978 F.3d 1227 (11th Cir. 2020). The court incorrectly calculated loss under §2B1.1(b)(1) in a case involving false statements. The text of the commentary of §2B1.1 makes clear that, in determining loss under §2B1.1(b)(1), courts cannot use gain as a measure of loss where there is no loss. Gain may only be used “only if there is a loss but it reasonably cannot be determined.”

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