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Criminal Law: Wire Fraud-Bankruptcy Fraud-Sufficiency of Evidence
Staff Report//January 11, 2019//
Defendant obtained bridge loans from investors for his business; however, defendant then used company funds to pay personal expenses. Defendant subsequently filed for bankruptcy when an investor sought judgment on the loans.
Where a jury reasonably could find from the evidence that defendant intended to defraud investors and use bankruptcy proceedings to obtain discharge of his debts to investors, defendant’s conviction was supported by sufficient evidence and constituted sophisticated means and an abuse of position of trust to effect fraud. Furthermore, any inaccurate information in defendant’s original indictment was unnecessary to support the grand jury’s decision to indict.
Judgment is affirmed.
U.S. v. Reichel (MLW No. 72530/Case No. 17-2562 – 10 pages) (U.S. Court of Appeals, Eighth Circuit, Kelly, J.) Appealed from U.S. District Court, District of Minnesota, Wright, J. (Aaron James Morrison for appellant) (Joseph H Thompson for appellee, David Genrich on brief)
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