U.S. v. Morawski

Dist. Ct. did not err in sentencing defendant to 120-month term of incarceration on fraud charge based in part on finding that defendant’s Ponzi-like scheme resulted in $18.2 million loss to certain investors-victims. While defendant argued that loss figure was inaccurate because portion of instant loss occurred as result of market forces, record supported Dist. Ct.’s finding that actual loss to investors was between $7 million and $20 million where: (1) defendant had collected $16.8 million during Ponzi scheme; and (2) $16.8 million figure was within same offense level and sentencing range that was applied to defendant’s sentence. Fact that Dist. Ct. used $18.2 million figure when sentencing defendant was too small of difference from actual $16.8 million loss figure to have affected sentence in instant case.