HANSEN, Circuit Judge.
Chet Searing pleaded guilty to conspiring to possess, transport, or cause to be transported in interstate commerce counterfeit securities, in violation of 18 U.S.C. § 371. The district court sentenced him to twenty-four months imprisonment and three years supervised release, and ordered him to pay $11,545.50 in restitution. On appeal, Searing challenges the restitution ordered. We affirm in part and reverse in part.
I.
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