Second Circuit discusses loss calculations in white-collar fraud sentencings

Toward the end of a relatively long opinion, the Second Circuit discusses at some length (though with some opaqueness) the calculation of loss under the guidelines in US v. Rutkoske, No. 06-4067 (2d Cir. Oct. 25, 2007) (available here).  Here is one of many key passages from the discussion:

The Government contends that the principles set forth in Dura Pharmaceuticals, a civil case, should not apply to loss calculation in a criminal case.  The dicta in Ebbers strongly undermines that position.  Moreover, we see no reason why considerations relevant to loss causation in a civil fraud case should not apply, at least as strongly, to a sentencing regime in which the amount of loss caused by a fraud is a critical determinant of the length of a defendant’s sentence.

Because loss calculations are extraordinarily important in most major fraud cases, and because the Second Circuit is a venue for many such prosecutions, Rutkoske is necessarily an important ruling for all white-collar criminal cases involving loss issues.