Absence of ‘Loss’ in Wire Fraud Case Requires Resentencing

A Pennsylvania man convicted of wire fraud stemming from his failed attempt to dupe Gain Capital Group LLC out of $264,000 is entitled to a sentence reduction because the trial court improperly applied an enhancement, the Third Circuit ruled.

Online trading company Gain Capital didn’t suffer an actual loss because it didn’t transfer any funds to the man, the US Court of Appeals for the Third Circuit said Wednesday in an opinion written by Judge Jane R. Roth.

As a result, the sentence enhancement for wire fraud tied to the victim’s monetary loss didn’t apply in this case, Roth said. ...