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Copyright (c) 1996 McGeorge School of Law, University of the Pacific
Pacific Law Journal

COMMENT: The Continuing Financial Crimes Enterprise and Its Predicate Offenses: A Prosecutor's Two Bites at the Apple

Spring, 1996

27 Pac. L.J. 1289


William Jue *



In the wake of the savings and loan scandals of the 1980s, Congress responded by enacting the Bank and Thrift Fraud Prosecution Act of 1990. 1 The Act contains the Continuing Financial Crimes Enterprise statute (CFCE), 2 which will be the focus of this Comment. In essence, Congress created a new crime when it enacted the CFCE, ostensibly a white-collar analogue to the Continuing Criminal Enterprise (CCE) drug law. 3 The similarities between the two crimes are primarily in their structure: both the CFCE and the CCE are "modern compound crimes" 4 in that they require the commission of a series of specified predicate offenses, and the establishment of a "criminal enterprise." 5

Apparently, the purpose of the CFCE is to punish those responsible for causing the rash of savings and loan failures in the 1980s. This is evidenced by the retributive tenor of many comments made by members of Congress. 6 To effectuate its objective, Congress passed the CFCE, which some called in official records the "Financial Crime Kingpin Statute." 7

After chronicling the legislative history and background of the CFCE in Part II, Part III of this Comment will scrutinize this rarely used statute 8 in light of the Double Jeopardy Clause of the United States Constitution. 9 The United States Supreme Court has determined that traditional double jeopardy analysis is not helpful to courts when dealing with modern compound crimes. 10 This Comment argues that the Court's traditional double jeopardy test should be available ...
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