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U.S. v. CASTELLANO

No. 02-3166.

349 F.3d 483 (2003)

UNITED STATES of America, Plaintiff-Appellee, v. Joseph D. CASTELLANO, Defendant-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided November 17, 2003.

Attorney(s) appearing for the Case

Hal Goldsmith (argued), Office of the United States Attorney, Fairview Heights, IL, for Plaintiff-Appellee.

Richard H. Parsons, Johanna M. Christiansen (argued), Office of the Federal Public Defender, Peoria, IL, for Defendant-Appellant.

Before POSNER, EASTERBROOK, and EVANS, Circuit Judges.

EASTERBROOK, Circuit Judge.

Joseph Castellano and his son Monte managed The Joseph Daniel Company, which built single-family homes. Customers financed this work with bridge loans from Old Exchange National Bank of Okawville, Illinois. To attract business, the firm offered low prices — too low, it turns out, to cover the cost of construction. Losing money on every sale while trying to make it up on volume is a formula for disaster — and an invitation...

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