Opinion ID: 180347
Heading Depth: 2
Heading Rank: 2

Heading: Bush's Trial and Sentence

Text: Bush's two-week jury trial commenced in October 2008. At the close of the Government's case-in-chief, Bush did not move for a judgment of acquittal. Bush testified at trial about his investment offerings and dealings with Wilcoxson and Mintus. He stated his belief that both of their investment programs were legitimate enterprises, even explaining how Mintus took impressive steps to satisfy his due diligence. For instance, Bush claimed that at his first meeting with Mintus, she was accompanied by two former board members of the Federal Reserve Bank of New York. Bush detailed how he had divided investor money into three categoriestransfers to Mintus, transfers to Mexico, and operational expenses. Because he had sworn secrecy to his associates, Bush was unable to inform his investors about how he invested their money. When asked why he was using investor money to buy the house and the SUVs and the masseuse and the chef, Bush responded, The only reason I am doing that is because I believe that there is money sitting in New York that offset [sic] this. He then admitted he never told investors about Mintus's defaults. In total, Mintus purportedly owed Bush more than $200 million. Bush shifted significant responsibility for planning the investment scheme to Grant and his other associates, claiming that Grant designed the structure of Global Dominion in Nevis, as well as its business plan. Although he stated that Grant and others had completely taken over Global Dominion in Nevis, Bush conceded that he could direct wire transfers. Bush testified that the $1.6 million he and March spent to remodel View Park enabled them to use the property for the Foundation. He claimed that other expenditures amounted to asset placement, and that his repeated $9,000 per day bank withdrawals were for charity and employee salaries. Prior to charging the jury, Bush requested that the district court give an instruction predicated on an advice-of-counsel defense to fraudulent intent. Finding no factual basis in the trial record, the district court declined to give the instruction and, instead, gave an instruction that good faith is a complete defense to those charges where intent was at issue. The jury convicted Bush on the securities-fraud count, eight wire-fraud counts, three mail-fraud counts, and all fifteen money-laundering counts. Bush was acquitted on five wire-fraud counts that did not involve financial transactions. The district court sentenced Bush to 360 months imprisonment240 months for the securities fraud, 120 months for the money laundering to run consecutive with 240 months, and 60 months for the wire fraud to run concurrent. The district court ordered Bush to pay $30.1 million in restitution and the $2,700 mandatory special assessment. This appeal followed. We have jurisdiction under 28 U.S.C. § 1291.