United States v. Iovino, 777 F.3d 578

Peter Iovino was the property manager of Bedford Terrace Condominium Association, responsible for finances and vendor payments; the building has about 70 unit owners/tenants.
Iovino made unauthorized withdrawals from the association's bank accounts and took an unauthorized loan in the association’s name; he concealed the theft with forged bank statements.
Iovino pleaded guilty to one count of wire fraud and one count of bank fraud; the district court calculated actual loss at $139,292, the amount stolen from association accounts.
After discovery of the theft, the Board increased monthly common charges by roughly $100 to replenish the depleted accounts; tenants thus paid higher common charges directly attributable to Iovino’s fraud.
The district court applied a four-level enhancement under U.S.S.G. §2B1.1(b)(2)(B) for offenses involving 50 or more victims, treating each unit owner/tenant as a separate victim.

Issue	Plaintiff's Argument	Defendant's Argument	Held
Whether individual condominium unit owners are "victims" under U.S.S.G. §2B1.1(b)(2)	The government argued unit owners who paid higher common charges sustained part of the actual loss and therefore qualify as victims.	Iovino argued only the condominium association sustained the actual loss calculated by the court, so individual tenants should not be counted.	The court held tenants were victims because they sustained direct out-of-pocket losses (higher common charges) that were part of the $139,292 actual loss.

United States v. Abiodun, 536 F.3d 162 (2d Cir. 2008) (held victims under §2B1.1 are only those who sustained part of the actual loss the court calculated)
United States v. Skys, 637 F.3d 146 (2d Cir. 2011) (reversed where district court counted victims without calculating actual loss under §2B1.1(b)(1))