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: Defense Newsletter Blog

Masferrer: Bank CEO fraud conviction affirmed

By Tim Cone

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In U.S. v. Masferrer, No. 06-14223 (Jan. 22, 2008), the Court affirmed the conviction and sentence of a bank CEO convicted of bank and securities fraud. The fraud arose out of Masferrer?s attempt to conceal bad bank investments in Russian assets.The Court rejected the challenge to the technical violation of the recusal rules when the case was directly reassigned to another judge. The Court noted the failure to show any potential bias.The Court also rejected the argument that evidence of the subsequent (higher) value of the assets ? subsequent to the fraud ? should have been admitted in Masferrer?s defense. The Court noted that the relevant time period was Masferrer?s belief and intent at the time of the fraud, not afterward.Turning to sentencing, the Court rejected Masferrer?s challenge to the use of 2001 Guidelines, pointing out that these Guidelines predated the completion of the conspiracy and therefore presented no Ex Post Facto issue...continue to full post

Full post as published by Defense Newsletter Blog on January 23, 2008 (boomark / email).