Oak

MEMORANDUM **

Lance Darryl Oak appeals his five concurrent sentences of 60 months for two counts of bank fraud in violation of 18 U.S.C. § 1344 ; two counts of false entries in violation of 18 U.S.C. § 1005 ; and one count of conspiracy to commit money laundering in violation of 18 U.S.C. § 1956 (h), and his sentence of 27 months for filing a false tax return in violation of 26 U.S.C. § 7206 (1). Oak was also sentenced to five years supervised release and ordered to pay restitution in the amount of $490,226.67 and a special assessment of $400. We have jurisdiction under 18 U.S.C. § 3742 (a) and 28 U.S.C. § 1291 , and affirm Oak’s sentence and reverse and remand the restitution order.

I

Oak contends that the district court erred when it determined that the actual and intended loss to the Bank of San Pedro was $2.3 million instead of less than $1.5 million. We disagree.

The district court did not clearly err because the bank paid $11,592,155 to purchase loans from REFIE, an entity of Oak’s creation, that REFIE had just purchased from CGC for $9,340,358.68. Oak argues that while the bank paid $11,592,155 for the loans it received from REFIE those loans were actually valued at…