A bank president convicted of misapplication of bank funds in connection with a check-kiting scheme won a new sentencing in United States v. Markert, issued on October 22, 2013 (published). His loss had been calculated based on the total of the nominee loans he had approved ($1.8M) rather than on the actual net loss the bank suffered. Vacating the sentence and remanding, the Eighth Circuit held that “the monetary value of the nominee loans the Bank received in exchange for the misapplied proceeds, measured at the time the misapplication offense was detected, must be credited against actual loss.”