Defendant entered into plea agreement that called for him to forfeit approximately $13 million in assets, but required govt. to apply proceeds of forfeited property to $12,376,310 restitution order. As such, govt. erred in failing to credit towards restitution order $225,000 in interest earned on bank funds during time that said funds had been seized by govt., where funds were already in interest bearing accounts. However, Dist. Ct. did not err in valuing real estate owned by defendant from 2010 estimate on property, as opposed to value of property in 2011 when transfer of property occurred, since: (1) defendant failed to raise said argument in Dist. Ct. and only raised argument that property should have been valued for restitution credit at property’s sales price in 2015; and (2) defendant failed to present evidence of property’s value in 2011.
Federal 7th Circuit Court
Criminal Court
Restitution