United States v. Michael P. Hogan

HANSEN, Circuit Judge.

Michael Hogan pleaded guilty to making counterfeit securities in violation of 18 U.S.C. § 513(a) (1994) and making false income tax returns in violation of 26 U.S.C. § 7206(1) (1994). On appeal, he challenges the district court’s application of the United States Sentencing Guidelines. We affirm in part and reverse and remand in part.

I

In 1987, Michael Hogan, a licensed insurance salesman and securities broker, began selling counterfeit certificates of deposit (CDs) to his customers. He sold over $2.2 million of these counterfeit CDs from 1989 to 1995 and used most of the…