In 2010, fraud offenses were the third largest
portion of the federal criminal docket, trailing only immigration and
drug offenses. And yet, the strong criticisms of the primary
advisory guideline governing the sentencing of those offenses, U.S.
Sentencing Guideline § 2B1.1, remain unaddressed. Judges, defense
lawyers, and commentators have long called for a reassessment of §
2B1.1's “inordinate emphasis” on the amount of loss caused by an