WEST ACADEMIC PUBLISHING’S EMERITUS ADVISORY BOARD ————— JESSE H. CHOPER Professor of Law and Dean Emeritus University of California, Berkeley YALE KAMISAR Professor of Law Emeritus, University of San Diego Professor of Law Emeritus, University of Michigan MARY KAY KANE Late Professor of Law, Chancellor and Dean Emeritus University of California, Hastings College of the Law LARRY D. KRAMER President, William and Flora Hewlett Foundation JAMES J. WHITE Robert A. Sullivan Emeritus Professor of Law University of Michigan WEST ACADEMIC PUBLISHING’S LAW SCHOOL ADVISORY BOARD ————— JOSHUA DRESSLER Distinguished University Professor Emeritus Michael E. Moritz College of Law, The Ohio State University MEREDITH J. DUNCAN Professor of Law University of Houston Law Center RENÉE M�DONALD HUTCHINS Dean and Joseph L. Rauh, Jr. Chair of Public Interest Law University of the District of Columbia David A. Clarke School of Law RENEE KNAKE JEFFERSON Joanne and Larry Doherty Chair in Legal Ethics & Professor of Law, University of Houston Law Center ORIN S. KERR Professor of Law University of California, Berkeley JONATHAN R. MACEY Professor of Law, Yale Law School DEBORAH JONES MERRITT Distinguished University Professor, John Deaver Drinko/Baker & Hostetler Chair in Law Emerita Michael E. Moritz College of Law, The Ohio State University ARTHUR R. MILLER University Professor and Chief Justice Warren E. Burger Professor of Constitutional Law and the Courts, New York University GRANT S. NELSON Professor of Law Emeritus, Pepperdine University Professor of Law Emeritus, University of California, Los Angeles A. BENJAMIN SPENCER Dean & Chancellor Professor of Law William & Mary Law School WHITE COLLAR CRIME ® IN A NUTSHELL SIXTH EDITION ELLEN S. PODGOR Gary R. Trombley Family White-Collar Research Professor Professor of Law Stetson University College of Law JEROLD H. ISRAEL Alene and Allan F. Smith Professor of Law Emeritus University of Michigan Law School Ed Rood Eminent Scholar Emeritus University of Florida Fredric G. Levin College of Law MIRIAM H. BAER Professor of Law Brooklyn Law School GREGORY M. GILCHRIST Professor of Law University of Toledo College of Law 2 The publisher is not engaged in rendering legal or other professional advice, and this publication is not a substitute for the advice of an attorney. If you require legal or other expert advice, you should seek the services of a competent attorney or other professional. Nutshell Series, In a Nutshell and the Nutshell Logo are trademarks registered in the U.S. Patent and Trademark Office. COPYRIGHT © 1993 WEST PUBLISHING CO. © West, a Thomson business, 1997, 2004 © 2009 Thomson Reuters © 2015 LEG, Inc. d/b/a West Academic © 2022 LEG, Inc. d/b/a West Academic 444 Cedar Street, Suite 700 St. Paul, MN 55101 1-877-888-1330 West, West Academic Publishing, and West Academic are trademarks of West Publishing Corporation, used under license. Printed in the United States of America ISBN: 978-1-64708-286-4 iii Dedicated to Cheryl L. Segal My Students, Past and Present Kamie K. Yang v PREFACE ————— White collar crime is a relatively new concept, having first achieved recognition in 1939. Despite its short life, white collar crime has quickly grown to its present status of being a major focus of the Department of Justice. This Nutshell is intended to provide to students a general overview of this growing area. It is hoped that this book will assist in providing a structure to a basically unstructured body of law. Because of the general focus of this book, it is not recommended as a source for deciding a specific legal issue. Cases were selected for this book to be illustrative, rather than comprehensive of each area being discussed. Specific crimes were selected to provide a sampling of the wide array of crimes encompassed within this enormous body of law. This book focuses on white collar crime in the federal criminal context, and does not delve into developments at the state and local level. The second edition added the expertise of Jerold Israel, resulting in its substantial expansion of the coverage of procedural issues that impact white collar crime. The third, fourth, and fifth editions updated materials by adding new cases and statutory developments that occurred since the prior editions. Professor Jerold Israel did not participate in the sixth edition, which added Professors Miriam H. Baer and Gregory M. Gilchrist. vi It is important to note that the study of white collar crime is a continuing study, with ever changing rules and precedent. Many of the issues within white collar crime, as noted throughout this book, have yet to be resolved. Following the fourth edition, Jerold H. Israel and Ellen S. Podgor, along with Peter J. Henning and Nancy J. King authored the Hornbook on White Collar Crime (2013), with a second edition of that book published in 2018. Throughout this sixth edition of the Nutshell there are references to the Hornbook 2d and they appear using the letters WCH. Thanks go to those who assisted with this updated sixth edition, specifically Paul Borman, Peter J. Henning, and Nancy J. King. Thanks also go to Stetson University College of Law, Shannon Edgar, and research assistant Tyler Spayd. If you have any questions, you can email us at: epodgor @ law. stetson. edu, miriam. baer @ brooklyn. edu, and [email protected]. E���� S. P����� M����� H. B��� G������ M. G�������� July 2021