United States v. Michael J. Grasso, Jr.

OPINION OF THE COURT

AMBRO, Circuit Judge.

Michael J. Grasso appeals his conviction and sentence for money laundering. He argues that the term “proceeds” in the money laundering statute, 18 U.S.C. § 1956, encompasses only the net profits, and not the gross receipts, of criminal activity. This proposed statutory construction is incompatible with the text of the statute as well as existing case law in our Circuit. We therefore affirm Grasso’s conviction. However, we do remand for the District Court to reconsider its restitution award.

I. Factual and Procedural History

Grasso sold various fraudulent…