(United States moment Circuit) - In a suit arising from the sale of mortgages to government-sponsored entities,in which defendants were found liable under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 for mail or wire fraud affecting a federally insured financial institution,the District Court's imposition of penalties is reversed where the proof at trial is insufficient under the mail and wire fraud statutes as a matter of law.
Source: findlaw.com