Wire fraud (1343) is both inchoate and a specific intent crime. To be convicted, it doesn't matter if there was an actual loss, but must be shown that the defen

Wire fraud (1343) is both inchoate and a specific intent crime. To be convicted, it doesn't matter if there was an actual loss, but must be shown that the defendant intended to defraud, that is that "[T]he purpose of the scheme 'must be to injure'" (US v Regent). This is also the 2nd Circuit, which has the most substantive case law on wire fraud in the US (Regent, Starr, McNally, D'Amato, Skilling, etc). I should add that Shkreli was not convicted on his wire fraud counts, which are among the most blunt overused weapons a prosecutor has. Almost no one survives a wire fraud charge, yet Shkreli was. He was convicted of securities fraud and conspiracy (for the same), which are also specific intent, however, 'recklessness' specifically is insufficient in a wirefraud case (helpful but insufficient), whereas in securities fraud, scienter is often shown prima facie by reckless indifference for the truth. I believe most salespersons would fail this test in this context. And, virtually every startup I've ever reviewed has unwittingly committed securities fraud, and in the hands of a prosecutor, it's usually only a question of whether they are motivated to target you (for some crime, if only they can "find it") for general behavior they disapprove of, and less so motivated to target a clear crime. https://www.justice.gov/usam/criminal-resource-manual-949-proof-fraudulent-intent https://www.justice.gov/usam/criminal-resource-manual-949-pr...