On May 22, 2025, in a significant and much-anticipated white-collar case, Kousisis, et al. v. United States, the U.S. Supreme Court, in a 9-0 opinion authored by Justice Amy Coney Barrett, held that a defendant who induces a victim to enter into a transaction under materially false pretenses may be convicted of federal fraud even if the defendant did not seek to cause the victim any net economic loss. In other words, if the defendant obtained money or property as a result of a fraudulently induced transaction, that’s enough for a federal fraud conviction—even if the victim received the full economic benefit of the bargain.
Read the full analysis by William M. McSwain, co-chair of Duane Morris’ White-Collar Criminal Defense, Corporate Investigations and Regulatory Compliance division. He served as the U.S. Attorney for the Eastern District of Pennsylvania from 2018 to 2021.