183745P.pdf   07/30/2020  United States  v.  Ryan Randall Gilbertson
   U.S. Court of Appeals Case No:  18-3745
   U.S. District Court for the District of Minnesota   
   [PUBLISHED] [Benton, Author, with Loken and Kelly, Circuit Judges] 
   Criminal case - Criminal law and sentencing. The evidence was sufficient 
   to show defendant committed securities and wire fraud by fraudulent and 
   manipulative schemes to control the price and sales of shares; the 
   government proved that defendant omitted, concealed and lied about 
   multiple material facts; the jury could easily find that a reasonable 
   investor would have found material the fact that defendant, a corporate 
   insider, had, through a nominee, purchased more than half of the company's 
   tradeable stock and was directing the nominee and others to trade the 
   stock at pre-arranged prices for the purpose of triggering tens of 
   millions of dollars in bonuses for himself that would likely cripple the 
   corporation; the court did not err in admitting lay opinion testimony on 
   manipulation; no error in ordering defendant to pay $15.1 million in 
   restitution, the undisputed amount he and the other noteholders obtained 
   from the corporation due to defendant's scheme; restitution is not a 
   criminal punishment that must be proved to a jury. Judge Kelly, 
   concurring.