2nd Circ. Upholds Fraud Convictions, Cuts $18.5M Restitution

Law360 (December 3, 2019, 1:51 PM EST) -- Two men convicted of defrauding banks in order to secure government-backed loans won’t need to pay $18.5 million in restitution after all, according to the Second Circuit’s decision Tuesday that a lower court overstepped in ordering the men to refund losses they didn’t cause.

In reversing the restitution order, the three-judge panel said that Pablo Calderon and Brett C. Lillemoe, who forged shipping documents submitted to Deutsche Bank AG and CoBank ACB in connection with an export guarantee program run by the U.S. Department of Agriculture, committed their fraud after the banks had already authorized loans to certain foreign institutions. The...

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