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In the Courts

By ALM Staff | Law Journal Newsletters |

Ninth Circuit Vacates Bank Fraud Convictions

On Sept. 10, in United States v. Bennett, No. 06-50580, the United States Court of Appeals for the Ninth Circuit vacated convictions on three counts of bank fraud against defendant James Bennett. In an opinion by Judge Kim McLane Wardlaw, the court found that mortgages by Bank of America subsidiary Equicredit were not funds “owned by” a “financial institution” for purposes of a federal bank fraud statute, 18 U.S.C. ' 1344, at the time of Bennett's activities.

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