T hi s di s pos i t i on i s notappr opr i a t e f orpubl i c a t i on and i s notpr e c e de nt * e xc e pta s pr ovi de d by9th C i r . R . 36- 3.

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orde c i s i on w i thout ** o r a l a r g u m e n t. See F ed. R . A pp . P . 34 (a )( 2).

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# FI LED DE C 15 2009 M OLLY C. DW Y ER, CLERK U . S. C O U R T OF APPE ALSJ o e l N a th a n W a r ds to le o v e r$ 1 1 m illio n o f th e $ 1 5 m illio n e n tru s te dto h im b yin v e s to r s . H e p le a d e dg u iltyto f iv e c o u n ts o f

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m a il fr aud, and tw o cou nt s of m on eyl aund er i ng un der 18 U . S . C . § 1 95 7. T he di stri ct c ourts e nt e nc e d hi m t o 108 m onths i n pr i s on a nd or de r e d r e s t i tut i on i n the a m ount of $11, 300, 501. 53. W a r d appe a l s hi s m one yl aunde r i ng c onvi c t i ons ba s e d on the i nt e rve ni ng S upr e m e C ourtde c i s i on i n U ni te d States v . Santos , 128 S . C t . 2020 ( 2 0 0 8 ) , a n dh is s e n te n c e . W e a f f irm . I W here a c ri m i nal defe nd antse eks the benefi tof a c hang e i n the l aw that occurs w hi l e hi s app ea l i s pendi ng , bu the di d n otra i se the i ss ue i n the di stri ct c o u rt, r e v ie w is f

o rp la in e rr o r . Se e U

ni te d States v . T

urm on , 122 F . 3d 1167, 1169- 70 ( 9th C i r . 1997) . I n U ni te d States v . V

an A l s t y ne , 58 4 F . 3d 80 3 (9th C i r. 20 09 ), th e N in th C ircu itin terp re tedth e p re ce d en ti al im p ac t o f th e S u p re m e C o u rt’s f r a c tur e d opi ni on i n Santos . T he courtconcl ud ed thataf t er Santos , the w ord

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e de r a l m one yl aunde r i ng s t a tut e , 18 U . S . C . § 1956, m e a ns “p r o f its ,” r a th e rth a n “r e c e ip ts ,” w h e n in te rp r e tin g “p r o c e e d s ” a s “r e c e ip ts ” w o u ld pres enta m er ger probl em . 58 4 F . 3d at81 4. A m er ger probl em ar i se s w hen tre at i ng “ proceeds” as “ gross r ec ei pt s” m eans a vi ol at i on of a s peci fi ed cr i m i nal s ta tu te b e c o m e s as im u lta n e o u s v io la tio n o f th e m o n e ylau n d e r in g s ta tu te , r a d ic a llyin c r e a s in g th e s e n te n c e . Se e i d. a t810. I n V an A l s t y ne , th e c o u rtr e v e r s e dtwo m o n ey l au n d eri n g co n v i ct i o n s th atw ere each b ased o n a p aym en tth atw as a

“ ce ntra l com po nent ” of the un derl yi ng sc hem e t o d ef raud , bu tup hel d a m on ey l aunde r i ng c onvi c t i on tha tw a s ba s e d on apa y m e nttha tw a s “ di s t i nc t ” f r om the u n d e r l y i n g ma i l f

r au ds c h e me a n dth e r e f

o r e , n o ta“ c ru c i a l e l e me n t ” o f th e s c h e me to d e f r au d . I d. a t 8 1 4 - 1 6 . W a r dw a s c o n v ic te do f

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m o n e ylau n d e r in g p u r s u a n t to 1 8 U .S .C . § 1 9 5 7 . A s s u m in g ( w ith o u t d e c id in g ) th a t Santos a nd V an A l s t y ne ap p ly t o § 1957, W a r d ha s notde m ons tr a t e d pl a i n e rr ori n hi s m one yl aunde r i ng c o n v i c t i o n s . Wa r d ’ s § 1 9 5 7 c o n v i c t i o n s we r e p r e m i s e do n th e p u r c h a s e o f two ca shi er ’ s c hecks m ade pay abl e t o ano ther of W ar d’ s busi ness es , a f orei gn curr ency e x c h a n g e tr a d i n g s c h o o l . A l th o u g h p e r s o n s w h o a tt e n d e dth i s s c h o o l o f t e n b e c a me i n v est o rs i n W ard ’ s frau d u l en tsch em e, fu n d i n g th e sch o o l w as n o tp l ai n l y a “c e n tr a l c o m p o n e n t” o r“c ru c ia l e le m e n t” o f W a r d ’s s c h e m e to d e f

r au d . Se e V

an A l s t y ne , 584 F . 3d a t814- 16. T he s c hool c a n r e a s onabl ybe vi e w e d a s e xi s t i ng a nd o p er atin g in d ep en d en tl y o f W ar d ’s sc h em e, th er ef o re th e p u rc h as e o f th e c as h ier’s c h e c k s t o f

u n dth e s c h o o l c a n r e a s o n ab l yb e c o n s i d e r e d“ d i s t i n c t ” f r o m th e s c h e me t o de f r aud.I I

T h e u n d is p u te dG u id e lin e s c a lc u la tio n r e c o m m e n d e d1 0 8 to 1 3 5 m o n th s in pri son. W ar d p ropo se d n o, or l i tt l e, j ai l t i m e s o thathe coul d fre el y begi n currency tr a d in g a g a in , o n lyth is tim e in ac o n tr o lle da c c o u n t, a n dtryto m a k e f u ll r e s titu tio n . T h e d is tr ic t c o u rt r e je c te dth e p r o p o s a l b e c au s e it d idn o t a d e q u a te ly s a t i s f ythe s e nt e nc i ng goa l s a rt i c ul a t e d i n 18 U . S . C . § 3553( a ) . W e a gr e e a nd pe r c e i ve no e rr or . W a r d’ s pr opos a l ne gl e c t s a l m os ta l l of the § 3553( a ) s e nt e nc i ng f a c to r s . T h e d is tr ic t c o u rt’s e x p la n a tio n f o rr e je c tin g it w a s m o r e th a n s u f f ic ie n t. Se e U n ite d S ta tes v . Ca r ty , 5 2 0 F .3 d9 8 4 , 9 9 2 - 9 3 ( 9 th C ir . 2 0 0 8 ) ( e n b a n c ) . W e a ls o c o n c lu d e th e w ith in - G u id e lin e s s e n te n c e w a s s u b s ta n tiv e ly r e a s onabl e . R e s t i tut i on i s notthe onl ys e nt e nc i ng goa l of § 3553( a ) . W a r d di d not att em ptt o sho w hi s c as e f al l s out si de of the heart l and o f w hi t e- col l arcr i m i nal c a s e s ; n o rd idh e o f

f e ra n yr e a lis tic s e n te n c in g a lte rn a tiv e . T h e r e w e r e o v e rn in e ty v ic tim s w ith lo s s e s in e x c e s s o f $ 1 1 m illio n . T h e d is tr ic t c o u rt th o u g h tf u lly co n sid er ed th e n atu re , sev er ity, an dd u ra ti o n o f W ar d ’s cr im es , as w ell as W ar d ’s pe r s ona l hi s t orya nd c ha r a c t e r i s t i c s , t o r e a c h as e nt e nc e a tthe l ow e nd of the G ui de l i ne s r a nge . T hi s s tr i ke s us a s pe r f e c t l yr e a s onabl e , a nd w e l l w i thi n the d is tr ic t c o u rt’s d is c r e tio n . A F F I R M E D .