Defrauded borrowers are crime victims

Ruling could affect alleged Madoff victims.

, The National Law Journal

For the first time, a federal appeals court has applied a broad definition of "crime victim" to financial fraud in the case of 112 borrowers in a Florida mortgage loan scam, entitling far more people to seek restitution for economic crimes. The 11th U.S. Circuit Court of Appeals precedent, holding that borrowers are protected victims under the Crime Victims Rights Act, is significant, coming at a time when financial crimes dominate the front pages.

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