The Court of Appeals held that the calculation of loss should be accomplished by adding up the amount of money lost by victims of the scheme, the "loss to losing victims method." The Defendant argued that a "net loss" method should be used that offsets the total loss with the profits earned by other investors. The court rejected this method because it under represents the amount of money that the victims lost in the scheme.
Full case and case summary also available online at: http://www.mlmlegal.com/legal-cases/US_v_Orton73F3d331-1996.php
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