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US v. Knox, 08-1571

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By FindLaw Staff on November 10, 2010 1:23 PM

Defendant's sentence for real estate scheme affirmed

US v. Knox, 08-1571, concerned a challenge to the district court's application of several enhancements to defendant's offense level, in a prosecution of defendant for multiple counts of bank fraud, mail fraud, and money laundering, in connection with an extensive real estate scheme involving grossly inflated property appraisals and false loan applications.

 

In affirming the judgment, the court held that it is clear that defendant's scheme qualifies as sophisticated for purposes of section 2B1.1.  The court also held that the district court's application of a two-level enhancement based on the number of victims was proper as it is abundantly clear that at least one person in every transaction was a victim and that the number of transactions exceeds ten.  Further, the district court did not err in finding that it was more likely than not that defendant's gross receipts totaled more than $1 million, and the district court's calculation of the number of participants in the scheme and its determination that defendant was an organizer were both proper.  Lastly, defendant has waived his right to challenge the loss calculation as he initially objected but later withdrew the objection.

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