United States v. Oliver, No. 16-3611 (7th Cir. 2017)

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Justia Opinion Summary

After participating in a scheme that involved “retirement investment seminars,” Oliver pled guilty to wire fraud, 18 U.S.C. 1343, for defrauding investors. Because Oliver used their money for personal expenses or invested it in high-risk schemes, investors lost a total of $983,654. The district court sentenced Oliver to 51 months in prison followed by three years of supervised release. The Seventh Circuit affirmed the sentence, rejecting arguments that the district court erred by failing to consider unwarranted sentencing disparities, relying on inaccurate information, not calculating the Guidelines range for supervision, and imposing a two‐level leadership enhancement. The sentence fell within the recommended Guidelines range and Oliver failed to object at the time of sentencing.

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In the United States Court of Appeals For the Seventh Circuit ____________________ No. 16 3611 UNITED STATES OF AMERICA, Plaintiff Appellee, v. TRAVIS OLIVER, Defendant Appellant. ____________________ Appeal from the United States District Court for the Northern District of Illinois, Western Division. No. 3:14 cr 50009 1 — Philip G. Reinhard, Judge. ____________________ ARGUED SEPTEMBER 27, 2017 — DECIDED OCTOBER 17, 2017 ____________________ Before WOOD, Chief Judge, and FLAUM and KANNE, Circuit Judges. FLAUM, Circuit Judge. Travis Oliver pled guilty to wire fraud for defrauding investors. The district court sentenced Oliver to fifty one months in prison followed by three years of supervised release. Oliver challenges that sentence on ap peal. He argues that the district court erred by failing to con sider unwarranted sentencing disparities, relying on inaccu 2 No. 16 3611 rate information, not calculating the Guidelines range for su pervision, and imposing a two level leadership enhancement. For the reasons stated below, we affirm. I. Background Between 2009 and 2012, Travis Oliver and his co defend ant Todd Smith1 defrauded investors in Electus Asset Hold ings, LLC (“Electus”). Oliver, the sole managing member of Electus, recruited Smith to help solicit investors in the Rock ford, Illinois area. At Oliver’s direction, Smith mailed flyers to potential investors inviting them to attend retirement plan ning seminars. At these seminars, Smith told investors that their funds would be invested in Electus, that they could withdraw their funds at any time, that their initial invest ments would be returned within a year, and that their invest ments would yield a guaranteed monthly return. In reality, the investors’ money was not invested in Elec tus. Instead, Oliver used the money to pay personal expenses, including commissions for himself and Smith, and to make interest and principal payments to other Electus investors. He placed the remaining funds in risky, non guaranteed invest ments, including Cash Flow Financial (“CFF”), a large Ponzi scheme operated by Alan Watson. To conceal the fraud, Oliver mailed monthly statements and Internal Revenue Service 1099 INT forms to Electus in vestors, which falsely claimed that the investments had earned interest. When investors asked to have their invest ments returned, Oliver and Smith told them that their checks 1 The federal indictment against Smith, who was charged with murder by state authorities, is still pending. No. 16 3611 3 would be issued soon, that their checks had been lost in the mail, or that their money had been invested in a company whose assets were frozen pursuant to an investigation by the Federal Trade Commission. As a result of this scheme, Elec tus’s investors lost a total of $983,654. On February 11, 2014, a grand jury indicted Oliver on fif teen counts of wire fraud in violation of 18 U.S.C. § 1343 and eight counts of mail fraud in violation of 18 U.S.C. § 1341. On May 31, 2016, Oliver pled guilty to one count of wire fraud. The judge accepted the guilty plea and ordered the probation office to prepare a presentence investigation report (“PSR”). In the PSR, the probation office determined that Oliver’s total offense level was twenty four. Starting with a base of fense level of seven, U.S.S.G. § 2B1.1, the probation office im posed the following enhancements: a fourteen level enhance ment because the total loss was greater than $550,000, id. § 2B1.1(b)(1)(H); a two level enhancement because the offense involved ten or more victims, id. § 2B1.1(b)(2)(A)(i); a two level enhancement because Oliver abused his position of trust as Electus’s sole managing member to commit the offense, id. § 3B1.3; and a two level enhancement because Oliver acted in a leadership capacity in carrying out the fraudulent scheme, id. § 3B1.1(c). The probation office also gave Oliver a three level reduction for his timely acceptance of responsibility. Id. § 3E1.1(a)–(b). With a total offense level of twenty four and a criminal history category of I, the Sentencing Guidelines sug gested a prison term of fifty one to sixty three months and a 4 No. 16 3611 supervised release term of one to three years. In his sentenc ing memorandum, Oliver stated that he did not object to the factual determinations or Guidelines calculations in the PSR.2 On September 19, 2016, the district court held a sentencing hearing. At the beginning of the hearing, Oliver reiterated to the court that he did not object to the PSR’s factual findings or Guidelines calculations. Accordingly, the court adopted the PSR in those respects. The district court proceeded to hear from several of Oli ver’s victims. Two victims testified that Oliver caused them severe financial and personal hardship. In addition, the PSR included a statement from a third victim who stated that she had “problems with [her] nerves” and “cried for days.” She added: “My husband had heart trouble and this didn’t help. He has passed since then.” Next, the court asked the government whether other crim inal prosecutions arose from the related Ponzi schemes into which Oliver had invested money. The government informed the court that Watson had been convicted of wire fraud in the Eastern District of Virginia, sentenced to twelve years in prison, and ordered to pay $37 million in restitution. After hearing from both parties, the district judge told Ol iver: I just want you to know at the outset that the only redemption—and you’re never going to pay these people back, whether you’re working 2 Oliver did, however, object to certain conditions of supervised re lease. Those conditions are not at issue in this appeal. No. 16 3611 5 or whether I sentence you to the Bureau of Pris ons and you come out. These persons, many of them are going to be dead, and you’ve taken some years off their lives just by what your con duct has done and the tragedy and emotional effect it’s had on these victims. The court then considered Oliver’s mitigation arguments and addressed each of the statutory sentencing factors under 18 U.S.C. § 3553(a). The district court ultimately imposed a prison term of fifty one months followed by three years of su pervised release, both of which fell within the recommended Guidelines range. With respect to supervised release, the dis trict judge noted that he was “impos[ing] the maximum of three years because of all the reasons [he] just stated” and to “try to get restitution over that period of time.” The court or dered Oliver to pay $983,654 in restitution to his victims and declined to order restitution jointly and severally “because there’s been no other person found to be responsible.” After announcing Oliver’s sentence and the conditions of supervised release, the district judge asked defense counsel whether there was “any argument of yours as to the sentence that I haven’t addressed.” Defense counsel responded, “Not at this time, Judge. The special conditions I think the court has covered, and in terms of covering the terms of the court’s sen tence, I think the court has covered that appropriately.” The district court issued its written judgment on Septem ber 20, 2016. This appeal followed. II. Discussion On appeal, Oliver argues that the district court procedur ally erred by failing to address an unwarranted sentencing 6 No. 16 3611 disparity, making unsupported factual determinations, and failing to calculate the Guidelines range for his term of super vised release. He also contends that the district court plainly erred by imposing a two level leadership enhancement. A. Standard of Review Generally, we review the district court’s sentencing proce dures de novo and its factual findings for clear error. See United States v. Pulley, 601 F.3d 660, 664 (7th Cir. 2010). How ever, “[m]ore deference is due … where an appellant failed to properly raise a claim below either by waiver or forfeiture.” United States v. Seals, 813 F.3d 1038, 1044 (7th Cir. 2016). If a defendant “intentionally relinquishes or abandons a known right,” the issue is waived and cannot be reviewed on appeal. Id. at 1044–45 (quoting United States v. Walton, 255 F.3d 437, 441 (7th Cir. 2001)). In contrast, if a defendant merely “fails to raise an argument due to accident or neglect,” the argument is forfeited and is reviewed for plain error. Seals, 813 F.3d at 1045. “Under plain error review, the defendant must show that (1) there was error, (2) it was plain rather than subject to reasonable dispute, (3) it affected his substantial rights, and (4) the court should exercise its discretion to correct the error because it seriously affected the fairness, integrity, or public reputation of the judicial proceedings.” Id. B. Procedural Errors As a threshold matter, the government argues that Oliver waived or, alternatively, forfeited his right to challenge any procedural errors at his sentencing hearing. To support its waiver argument, the government points to the exchange that occurred between the district court and Ol iver’s defense counsel at the end of the sentencing hearing. No. 16 3611 7 Specifically, after imposing sentence, the district court asked Oliver’s defense counsel if there was “any argument of yours as to the sentence that I haven’t addressed.” Oliver’s defense counsel responded that there was not. This argument is not persuasive. “Waiver principles must be construed liberally in favor of the defendant.” United States v. Anderson, 604 F.3d 997, 1002 (7th Cir. 2010). And “[w]here the government cannot proffer any strategic justification for a decision, we can assume forfeiture.” Id. at 1001–02. Here, the government has not offered any strategic justification as to why Oliver would intentionally abandon his right to chal lenge procedural errors at his sentencing. Nor can this Court “conceive of any strategic reason” for this decision. United States v. Jaimes Jaimes, 406 F.3d 845, 847–49 (7th Cir. 2005); see also United States v. Jenkins, 772 F.3d 1092, 1096 (7th Cir. 2014) (holding that waiver did not occur because we could “con ceive of no reason why [the defendant] would have intention ally relinquished an objection certain to result in a lower crim inal history score and sentencing range, nor ha[d] the govern ment offered one”). Moreover, Oliver “never actively dis claimed the positions he now raises.” Seals, 813 F.3d at 1045. Therefore, Oliver did not waive his right to challenge proce dural errors in his sentencing proceeding. However, Oliver did forfeit these arguments by failing to object at the time of sentencing. As a result, the Court reviews for plain error. See United States v. Chatman, 805 F.3d 840, 843 (7th Cir. 2015). We now turn to the merits of Oliver’s three claims of procedural error. 8 No. 16 3611 1. Unwarranted Sentencing Disparities Oliver first argues that the district court procedurally erred by not considering the disparity between his sentence and the sentence of Alan Watson, who operated the CFF Ponzi scheme into which Oliver contributed some of the Elec tus investors’ funds. At Oliver’s sentencing hearing, the gov ernment informed the district court that Watson was similarly convicted of wire fraud for making false promises to investors and sentenced to twelve years in prison. Oliver points out that while Watson caused approximately thirty seven times more in dollar losses to investors, Oliver’s sentence is just three times shorter. He argues that the district judge erred by failing to consider this purportedly unwarranted sentencing dispar ity.3 When imposing a sentence, district judges must consider “the need to avoid unwarranted sentence disparities among defendants with similar records who have been found guilty of similar conduct.” 18 U.S.C. § 3553(a)(6). However, “the Sen tencing Guidelines are themselves an anti disparity formula” because the Sentencing Commission considers the need to avoid unwarranted disparities when setting the Guidelines ranges. United States v. Blagojevich, 854 F.3d 918, 921 (7th Cir. 2017). Therefore, if “the District Judge correctly calculated and carefully reviewed the Guidelines range, he necessarily 3 The government responds that the district court judge did, in fact, consider Watson’s sentence by specifically asking the government for in formation regarding any criminal prosecutions in the related Ponzi schemes and noting that “the court always likes to know what happened in related matters.” The Court need not address this argument because Oliver’s within Guidelines sentence necessarily accounted for unwar ranted sentencing disparities, as explained infra. No. 16 3611 9 gave significant weight and consideration to the need to avoid unwarranted disparities.” Id. (quoting Gall v. United States, 552 U.S. 38, 54 (2007)). In other words, “[a] sentence within a Guideline range ‘necessarily’ complies with § 3553(a)(6).” United States v. Bartlett, 567 F.3d 901, 908 (7th Cir. 2009). That is precisely what occurred here. The district court correctly calculated and sentenced Oliver within the Guide lines range.4 Indeed, the district court’s fifty one month sen tence was at the very bottom of Oliver’s Guidelines calcula tion. “Thus, the district court judge did not need to say a word about § 3553(a)(6)’s application … to satisfy the procedural re quirement that he give that factor ‘meaningful considera tion.’” United States v. Reyes Medina, 683 F.3d 837, 841 (7th Cir. 2012). Oliver’s argument accordingly fails. 2. Factual Determinations Next, Oliver argues that the district court procedurally erred by selecting a sentence that was based on clearly erro neous facts. “[C]onvicted defendants have a due process right to be sentenced on the basis of accurate and reliable information.” United States v. Corona Gonzalez, 628 F.3d 336, 343 (7th Cir. 2010) (quoting United States v. Kovic, 830 F.2d 680, 684 (7th Cir. 1987)). Thus, a sentencing court commits “a significant proce dural error” if it “‘select[s] a sentence based on clearly erro neous facts.’” Corona Gonzalez, 628 F.3d at 340 (alteration in original) (emphasis omitted) (quoting Gall, 552 U.S. at 51). To 4 Oliver argues that the district court should not have applied a two level leadership enhancement, but that argument fails for the reasons out lined infra in Part II.C. 10 No. 16 3611 successfully challenge a sentence on this ground, the defend ant “must show both that information before the sentencing court was inaccurate and that the sentencing court relied on the inaccurate information in the sentencing.” Lechner v. Frank, 341 F.3d 635, 639 (7th Cir. 2003). If the defendant makes such a showing, the defendant has the right to a new sentenc ing hearing. See United States v. Jones, 454 F.3d 642, 652 (7th Cir. 2006). Oliver argues that his sentence was based on two pieces of inaccurate information. First, Oliver challenges the judge’s statement that Oliver’s crimes had “taken some years off [peo ple’s] lives.” Oliver contends that this statement was false be cause “no one ever presented evidence showing Mr. Oliver’s actions shortened anyone’s life.” Even if the judge’s statement was not literally true, Oliver has not shown that the district court relied on it when fash ioning its sentence. There is no reason to think that the com ment was intended as a literal statement of fact to support the sentence imposed. Rather, the phrase was nothing more than a figure of speech to underscore the emotional impact of Oli ver’s conduct on his victims. Immediately before making the challenged statement, the district judge expressed concern that Oliver would not find “redemption” because he was “never going to pay these people back, whether you’re work ing or I sentence you to the Bureau of Prisons and you come out.” This suggests that the judge was simply trying to convey that no prison sentence could undo the harm that Oliver caused. Thus, Oliver has not shown that the district court re lied on the notion that Oliver actually reduced the lifespan of his victims to determine his sentence. No. 16 3611 11 Second, Oliver argues that the district judge determined that Oliver was solely responsible for the $983,654 in restitu tion based on his erroneous belief that “there’s been no other person found to be responsible.” Oliver claims that this belief was inaccurate because Watson shared responsibility for los ing the portion of the $983,654 that was invested in CFF. Oli ver further argues that there is a risk of double recovery for victims because at least some of the $983,654 loss is part of the $37 million in restitution that Watson was ordered to pay. This argument goes too far. The government notes, and Oliver does not dispute, that the restitution order in Watson’s case did not list Oliver, Electus, or any of Oliver’s victims. The parties acknowledge, however, that the restitution order in Watson’s case included $466,050.60 to be paid to “Bruce H,” and that Oliver’s investments in Watson’s Ponzi scheme were made through Bruce Hongsermeier. Thus, there may be some risk that part of Oliver’s $983,654 loss overlaps with the $37 million that Watson was ordered to pay.5 But that risk is easily addressed. The government suggests, with Oliver’s acquies cence, that we modify the restitution order to limit any vic tim’s recovery to the amount of her loss. We agree that this is the appropriate step. See United States v. Trigg, 119 F.3d 493, 501 (7th Cir. 1997) (noting that “victims may not recover [through restitution] an amount in excess of their loss”). In sum, Oliver was sentenced based on accurate infor mation, so the district court did not procedurally err in this respect. 5 The district court could not have held Oliver’s co defendant, Smith, jointly and severally liable for the restitution because Smith had not yet been convicted. 12 No. 16 3611 3. Supervised Release Guidelines Calculation Next, Oliver argues that the district court procedurally erred by imposing a three year term of supervised release without first calculating the Guidelines range for supervision and considering whether a three year term was appropriate based on the statutory sentencing factors. As a preliminary matter, the government argues that Oli ver waived his right to challenge the issue because he did not object to the Guidelines calculations in the PSR. This argu ment misses the point. Oliver is not challenging the Guide lines calculation for his supervised release term on substan tive grounds; rather, he is arguing that the district court failed to follow proper procedure by not repeating that calculation on the record. A defendant does not waive the procedural re quirements of a sentencing hearing simply by failing to object to a PSR. Indeed, when Oliver stated that he had no objections to the PSR at the beginning of the sentencing hearing, he could not have known whether the district court would comply with procedural requirements during the rest of the proceed ing. Therefore, Oliver did not waive this claim, and we review for plain error. Turning to the merits, Oliver relies on this Court’s decision in United States v. Downs, 784 F.3d 1180 (7th Cir. 2015). In Downs, the district court sentenced the defendant to ten years of supervised release even though the Guidelines recom mended a supervised release term of only three years. Id. at 1181. We held that the district court judge “was required, be fore deciding on the length of the defendant’s term of super vised release, to calculate the guidelines range and assess its appropriateness as a guide to sentencing the defendant, in No. 16 3611 13 light of the sentencing factors in 18 U.S.C. § 3553(a).” Id. Be cause there was no indication that the district court even con sidered the Guidelines range, we reversed and remanded for resentencing. Id. at 1181–82. Downs is distinguishable from this case. Unlike the district court in Downs, the district court here expressly referenced the PSR, adopted the PSR’s Guideline calculations, imposed a term of supervised release that was within the Guidelines range, and explained its rationale for doing so in light of the § 3553(a) factors. Immediately after going through each of the § 3553(a) factors to reach Oliver’s prison sentence, the district judge explained that he was imposing a three year supervised release term “because of all the reasons [he] just stated” and to ensure that restitution could be recovered during that time. Oliver seems to argue that, even if a district court ex pressly adopts the Guideline calculations in the PSR, the fail ure to separately calculate the Guidelines range for super vised release constitutes reversible error. Neither Downs nor other precedent from this Court supports such a rule. Alt hough prison and supervised release are two different forms of punishment, they are both part of a single sentence. See id. at 1182; United States v. Kappes, 782 F.3d 828, 837 (7th Cir. 2015) (“Any term of supervised release is considered part of the overall sentence.”). Accordingly, we have held that “an ex plicit announcement of the guidelines recommendation” for supervised release, although helpful for purposes of appellate review, is not required. Anderson, 604 F.3d at 1003–04 (holding that the district court did not procedurally err even though the judge “never recited [the] guideline range for supervised release during the [sentencing] hearing”). Rather, the critical 14 No. 16 3611 inquiry is whether the district court was aware of and under stood the Guidelines recommendation for supervised release. See id. Where, as here, the district court “impose[s] a within guidelines term of supervised release” and “express[ly] men tions … the PSR in the earlier part of the hearing,” this Court can rest assured that the district court was aware of the Guide lines range. Id. at 1004. For the same reasons, the district court was not required to engage in “a separate comprehensive analysis” of the § 3553(a) factors as they applied to Oliver’s term of supervised release after extensively discussing those same factors with respect to Oliver’s prison sentence. See id. at 1003 (“We have never required such repetition from the district court.”); see also United States v. Bloch, 825 F.3d 862, 869 (7th Cir. 2016), reh’g denied (July 13, 2016) (“[T]he district court was not required to provide two separate explanations, one for the term of impris onment and one for the term of supervised release.”). Instead, “a district court need only provide one overarching explana tion and justification—tethered, of course, to the § 3553(a) fac tors—for why it thinks a criminal sentence comprised of both terms of imprisonment and supervised release is appropri ate.” Bloch, 825 F.3d at 870. The district court did that here. Therefore, the district court did not err in imposing a three year term of supervised release. C. Leadership Enhancement Finally, Oliver argues that the district court plainly erred by imposing a two level enhancement based on Oliver’s lead ership role in the criminal activity. No. 16 3611 15 The government responds that Oliver waived his right to appeal the application of the two level leadership enhance ment because he stated, both in his sentencing memorandum and at the sentencing hearing, that he had no objections to the PSR Guidelines calculations. Under our precedent, “this case is a close one.” See Ander son, 604 F.3d at 1002. This Court has previously held that a defendant waived his right to challenge a Guidelines calcula tion where defense counsel “had access to the PSR, knew of his right to object, considered objecting to portions of the PSR other than the one he now challenges, and stated on the rec ord that he did not have further objections when asked by the district court.” United States v. Garcia, 580 F.3d 528, 542 (7th Cir. 2009); see also, e.g., United States v. Ranjel, No. 15 3778, 2017 WL 4324980, at *4–*5 (7th Cir. Sept. 29, 2017) (holding that the defendant waived his right to appeal the term of supervised release because he failed to object to the PSR despite “multiple opportunities” to do so). However, under the same circumstances we have deter mined that a defendant did not waive, but rather merely for feited his challenge. See, e.g., Jaimes Jaimes, 406 F.3d at 847–49 (holding that the defendant did not waive his right to appeal an eight level enhancement even though defense counsel failed to object to the Guidelines calculation in the PSR); Jen kins, 772 F.3d at 1096 (holding that the defendant did not waive his right to appeal the inclusion of a conviction in his criminal history calculation even though he failed to object to that portion of the PSR). Ultimately, we need not answer this question to resolve this case. Even if we assume that Oliver only forfeited (rather 16 No. 16 3611 than waived) his challenge to the leadership enhancement, the district court did not commit plain error by applying it. Under § 3B1.1(c) of the Sentencing Guidelines, the defend ant’s offense level must be increased by two “[i]f the defend ant was an organizer, leader, manager, or supervisor in any criminal activity.” U.S.S.G. § 3B1.1(c). “The Guidelines do not define ‘organizer,’ ‘leader,’ ‘manager,’ or ‘supervisor,’” but they do list factors a district court should consider. See United States v. Weaver, 716 F.3d 439, 442 (7th Cir. 2013). Those factors are: “the exercise of decision making authority, the nature of participation in the commission of the offense, the recruit ment of accomplices, the claimed right to a larger share of the fruits of the crime, the degree of participation in planning or organizing the offense, the nature and scope of the illegal ac tivity, and the degree of control and authority exercised over others.” U.S.S.G. 3B1.1, cmt. n.4. In the past, this Court has consulted those factors to determine whether the leadership enhancement applies in a given case. See, e.g., Weaver, 716 F.3d at 442–43; United States v. Vaughn, 722 F.3d 918, 935 (7th Cir. 2013). And we have broadly defined a supervisor or manager as someone who “tells people what to do and determines whether they’ve done it.” United States v. Figueroa, 682 F.3d 694, 697 (7th Cir. 2012). Here, the district court did not plainly err in determining that the leadership enhancement applied. First, Oliver created the fraudulent investment scheme. It is undisputed that Oli ver was the sole managing member of Electus. Moreover, as explained in the PSR, all funds were channeled through Oli ver, who decided how they would be “invested.” Second, the PSR concluded that “Oliver recruited Smith” to join the operation and solicit investors. See United States v. No. 16 3611 17 Henry, 813 F.3d 681, 683 (7th Cir. 2016) (“Recruitment [is] a factor supporting an inference of management.”). Oliver ar gues that he did not recruit Smith because Smith learned about Electus from another individual, Bruce Hongsermeier. However, learning about an organization and being asked to join in the operation of an organization are distinct. It makes sense that Smith learned about Electus through a third party, but was later recruited to join the operation by Oliver. Finally, Oliver exercised control over Smith by directing him to make false representations to investors. See Figueroa, 682 F.3d at 697 (defining a “supervisor” or “manager” as someone who “tells people what to do”). Oliver contends that Smith solicited investors on his own. However, both the PSR and plea agreement state that Oliver “directed” Smith to do so. Additionally, Smith sent investors’ payment checks— made out to Electus—to Oliver. And when an investor mis takenly made out a check to Smith, he wired the funds to Ol iver. This suggests that Smith fell below Oliver in the fraud’s hierarchical scheme. See Weaver, 716 F.3d at 444 (“[S]ome hier archy among those involved in the criminal activity must ex ist to qualify a defendant for an enhancement under § 3B1.1.”). Moreover, Oliver and Smith spoke weekly, which in dicates “ongoing supervision.” Id. Lastly, Oliver’s control is demonstrated by the fact that Smith received a referral fee.6 6 Oliver argues that Smith did not receive a commission. The PSR is somewhat inconsistent on this point. According to the PSR, during his in itial meeting with investigators, Smith said that he never received a com mission. However, Smith had a second meeting with the investigators just two days later at which he said that he had received a referral fee. Moreo ver, the plea agreement states that some of the investors’ funds were used to pay “undisclosed commissions to … Smith.” 18 No. 16 3611 See id. (“Th[e] exercise of control and authority will usually allow the defendant to impose some … reward … for the un derling’s execution of the directed task.”). Therefore, the district court did not plainly err in deter mining that the leadership enhancement applied. III. Conclusion The district court’s restitution order shall be modified to clearly forbid any recovery in excess of a victim’s loss. In all other respects, we AFFIRM the judgment of the district court.

Primary Holding

Seventh Circuit upholds 51-month sentence for a defendant who defrauded investors out of $983,654.

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