Federal securities matters · Preparation guide
Securities Fraud Loss Calculation: Build a Traceable Financial Record
A headline loss figure may combine transactions, market movements and different time periods. Preparation begins by making the underlying record traceable.
By Joseph De Gregorio · Federal Sentencing Strategist
Founder and President, Sentencing Advocacy Group
Published November 5, 2026
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Identify the calculation being discussed
Label each figure by its source and purpose: an allegation, a proposed Guidelines calculation, an expert estimate or a restitution request. Record the valuation date, included accounts, period and method stated by the source. Counsel determines the governing guideline and legal framework; a spreadsheet should not imply that those choices are settled.
Preserve the transaction trail
Organize subscriptions, purchases, sales, transfers, distributions and account statements. Track movement between accounts so the same money is not casually counted twice in a working summary. Preserve currencies, timestamps and source references. An estimated value should remain visibly different from a completed sale or a confirmed payment.
Expose assumptions for review
Create a questions column for gaps, inconsistent prices, excluded transactions and changes in valuation. Do not subtract market movements or later recoveries yourself and call the result the legally correct loss. Counsel and any retained financial expert evaluate attribution, methodology and the applicable legal standards. SAG can help make the supporting materials navigable.
Connect the financial file to the personal record
A calculation dispute and documented accountability address different questions. Keep the financial analysis separate from employment history, treatment, completed corrective work and family responsibilities. A reviewer should be able to examine each without confusing a legal objection with a personal explanation. Use the current USSC materials as a reference, while counsel confirms which edition and law govern the case.
Sources and the next preparation question
USSC: 2026 Guidelines Manual. Source checked November 5, 2026. Counsel evaluates the governing law and individual facts.
Can I calculate a sentence from investor loss alone?
No. Loss is only part of the legal and factual analysis. The applicable guideline, other adjustments and individual circumstances require counsel’s review.
A defined preparation assignment
Work directly with Joseph to establish the scope, source records, authorized recipients and review dates. Agreed deliverables can include a personal-history chronology, an indexed supporting file, factual questions and a practical preparation schedule. Investigation-stage legal decisions require qualified federal defense counsel. An engagement with SAG does not automatically establish privilege.
SAG serves clients nationally from Freehold, New Jersey, with travel arranged for cases. Share your stage and next deadline in the initial inquiry. Do not upload investigative records, investor details or privileged advice.
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SAG is not a law firm and does not provide legal advice or representation. Courts and agencies determine outcomes. No charging decision, sentence or release date is guaranteed.