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In the Courts

By ALM Staff | Law Journal Newsletters |
January 30, 2014

Forfeiture of 'Proceeds'Means 'Gross Receipts,' Not Just 'Profits'

On Oct. 9, 2013, the United States Court of Appeals for the Second Circuit issued two opinions in United States v. Peters. See United States v. Peters, 732 F.3d 93 (2d Cir. 2013); United States v. Peters, —Fed.Appx.—, 2013 WL 5540075 (2d Cir. Oct. 9, 2013). The published opinion provided further insight into the Second Circuit's views on application of 18 U.S.C. ' 982(a)(2), a criminal forfeiture statute requiring forfeiture of the proceeds relating to certain criminal violations, including banking and securities-related offenses. The court held that the statute required forfeiture of all gross receipts rather than merely profits of a violation.

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