United States v. Afriyie, No. 17-2444 (2d Cir. 2019)Annotate this Case
The Second Circuit affirmed defendant's conviction of securities fraud and wire fraud, finding no errors in the district court's jury instructions, admission of lay testimony, and calculation of loss.
The court also held that, as a matter of law, forfeiture is not limited to the amount of funds acquired through illegal transactions in an insider‐trading scheme; rather, forfeiture may extend to appreciation of those funds. Accordingly, the court affirmed the district court's forfeiture calculation and order. Finally, Lagos v. United States, 138 S. Ct. 1684 (2018), was decided after defendant's sentence and addressed the categories of fees recoverable under the Mandatory Victims Restitution Act. Therefore, the court held that a limited remand to recalculate the restitution was appropriate.