United States of America, Plaintiff-Appellant/cross-Appellee v. William K. Frazier and Mark B. Debusk, Defendants-Appellees/cross-Appellants

LIVELY, Senior Circuit Judge.

This appeal and cross-appeal require us to determine whether principles of collateral estoppel prevent a second trial in a prosecution under a multicount indictment where a jury has acquitted the defendants on some counts and has been unable to agree on other counts.

I

A

In 1982 William Frazier was president of a bank in Bristol, Tennessee. Mark De-Busk owned a jewelry store in Bristol and maintained an account at Frazier’s bank. In March 1982 DeBusk married Frazier’s daughter. In 1982 DeBusk also began operating a wholesale jewelry establishment in Bristol and took…