Second Circuit Rules Statute Requires Forfeiture of Gross Receipts

Reading "proceeds" to mean "receipts" rather than "profits" in the federal criminal forfeiture statute better vindicates the punitive intent of the statute, Judge Robert Sack wrote in ordering a defendant to forfeit $23 million as punishment for his scheme to defraud Chase bank by withdrawing millions from a revolving line of credit.

Source: http://www.law.com/jsp/law/sign_me_in.jsp?article=http://www.newyorklawjournal.com/PubArticleNY.jsp?id=1202622909666&rss=newswire

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