United States v. Mario Naranjo ( 2011 )


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  •                                                                                  [PUBLISH]
    IN THE UNITED STATES COURT OF APPEALS
    FOR THE ELEVENTH CIRCUIT            FILED
    ________________________ U.S. COURT OF APPEALS
    ELEVENTH CIRCUIT
    No. 08-13814                        MARCH 2, 2011
    ________________________                    JOHN LEY
    CLERK
    D. C. Docket No. 06-80151-CR-DTKH
    UNITED STATES OF AMERICA,
    Plaintiff-Appellee,
    versus
    MARIO NARANJO,
    Defendant-Appellant.
    ________________________
    Appeal from the United States District Court
    for the Southern District of Florida
    _________________________
    (March 2, 2011)
    Before EDMONDSON and PRYOR, Circuit Judges, and EVANS,* District Judge.
    PRYOR, Circuit Judge:
    *
    Honorable Orinda D. Evans, United States District Judge for the Northern District of
    Georgia, sitting by designation.
    The main issue in this appeal is whether there is sufficient evidence to
    support Mario Naranjo’s convictions for concealment money laundering related to
    his operation of a Ponzi scheme that caused over one hundred victims to lose
    collectively over $2.7 million. The government presented evidence that Naranjo
    made three large cash withdrawals from bank accounts that contained fraudulently
    obtained proceeds of the Ponzi scheme and that Naranjo attempted to hide his
    association with the account holders. Viewed in the light most favorable to the
    government, this evidence supports a finding that Naranjo intended to conceal the
    ownership and source of funds obtained by fraud.
    Naranjo also makes four other arguments. First, Naranjo argues that the
    government failed to prove that he intended to defraud his victims and that we
    should vacate his convictions for fraud and for various charges that relate to his use
    of proceeds of the Ponzi scheme. Second, Naranjo contends that the government
    failed to disclose evidence in violation of the Jencks Act, 18 U.S.C. § 3500, and the
    Due Process Clause of the Fifth Amendment, see Brady v. Maryland, 
    373 U.S. 83
    ,
    
    83 S. Ct. 1194
    (1963). Third, he argues that the district court violated his rights to
    due process under the Fifth Amendment and to confront his accusers under the
    Sixth Amendment by admitting summary evidence of financial records at trial.
    Fourth, Naranjo argues that the district court erred when it enhanced his sentence
    2
    based on estimates of the losses he caused. These arguments lack merit. We
    affirm Naranjo’s convictions and sentence.
    I. BACKGROUND
    On March 8, 2000, Naranjo incorporated MRNA Financial, Inc., in Florida
    for the purpose of operating a check cashing and payday loan business. On June
    28, 2001, Naranjo opened an account for MRNA at First Union Bank (later
    Wachovia Bank) and designated himself as a signatory on the account. Although
    MRNA was administratively dissolved on September 21, 2001, Naranjo kept the
    MRNA account open and began to solicit capital from investors purportedly to
    fund the business venture. MRNA received its first contributions from investors in
    May 2002.
    On January 29, 2003, Naranjo and Charles Carver incorporated in Florida
    The Loan Shoppe, Inc., for the stated purpose of providing check cashing, payday
    loan, and car loan services. Carver served as the sole officer and director of The
    Loan Shoppe. Corporate filings listed Carver as the incorporator and originally
    listed Naranjo as the registered agent, but a third person replaced Naranjo as the
    registered agent on February 21, 2003. Thereafter, Naranjo was not listed on
    corporate filings of The Loan Shoppe.
    On February 7, 2003, Naranjo and Carver purchased an existing check
    3
    cashing business from Ouri Kahn for $24,000. Naranjo negotiated and financed
    the purchase, but Carver signed the purchase agreement. Under the agreement,
    Kahn assigned his leases for two stores in Miami and Davie, Florida, to Carver to
    operate as The Loan Shoppe. Florida law did not allow Kahn to transfer his check
    cashing license, so The Loan Shoppe submitted an application for a license to the
    Florida Department of Financial Services soon after the acquisition of Kahn’s
    stores. The license application represented that Carver would operate the business
    and made no reference to Naranjo.
    On February 24, 2003, Naranjo and Carver opened a bank account for The
    Loan Shoppe at Wachovia Bank in Florida. The account listed both Naranjo and
    Carver as signatories. After The Loan Shoppe began its operations, Carver helped
    manage the business, but Naranjo, among other responsibilities, determined how
    much working capital to provide the stores. Naranjo gave checks to Carver, who
    cashed the checks and delivered cash to the stores.
    In May 2003, the Florida Department of Financial Services requested
    additional information about The Loan Shoppe and its owners to process the
    license application. Instead of providing the requested information, The Loan
    Shoppe withdrew its application for a state license. The Loan Shoppe continued to
    provide check cashing services, but the Department later issued a cease and desist
    4
    letter that stated that The Loan Shoppe could not cash checks without a license.
    The Loan Shoppe never obtained a license to cash checks or issue payday loans in
    Florida and instead affiliated with another check cashing company called
    Intertransfers, Inc., in June 2003. This affiliation allowed The Loan Shoppe to
    cash checks legally.
    In the summer of 2003, Naranjo dispatched Carver to Alabama to develop
    plans for the expansion of The Loan Shoppe into the Birmingham metropolitan
    area. Carver and Naranjo soon announced that they were closing their Florida
    stores and relocating their business to Alabama. Carver applied for a certificate of
    existence for The Loan Shoppe and, on August 13, 2003, Carver registered The
    Loan Shoppe, L.L.P., in Alabama. Registration documents listed Carver as the
    president and agent. On September 26, 2003, Carver and a third party opened a
    bank account for The Loan Shoppe, Inc. at the National Bank of Commerce in
    Alabama. The Loan Shoppe never obtained an Alabama license, but operated three
    check cashing stores in Pelham, Irondale, and Alabaster, which are suburbs of
    Birmingham. The Loan Shoppe completed its relocation to Alabama and closed its
    Florida stores in the late summer or early fall of 2003. Carver opened two more
    bank accounts for The Loan Shoppe in Alabama in 2004. Carver and a third
    person were largely responsible for managing the Alabama stores. Naranjo never
    5
    visited the Alabama stores.
    Naranjo remained in Hollywood, Florida, where he oversaw a multi-million
    dollar capital investment operation, created allegedly to finance the expansion of
    his small chain of check cashing and payday loan stores. After the establishment
    of MRNA and continuing after the incorporation of The Loan Shoppe, Naranjo
    issued bonds and promissory notes to investors that promised high interest rates in
    exchange for their investments. Naranjo hired several salesmen to help solicit
    investments, purchased “lead sheets” that listed potential investors, prepared a
    scripted sales pitch for his salesmen, and instructed salesmen not to contact
    individuals named on a list of “undercover regulators” he had developed. Naranjo
    told his salesmen that The Loan Shoppe was “very profitable,” and salesmen
    promised investors annual returns of 10 percent on the bonds and 18 or 24 percent
    on the promissory notes. Salesmen told investors that their investments would be
    held in segregated accounts and would be refunded if the company had financial
    troubles. Naranjo prepared packets of information for the salesmen to send to
    potential investors. These packets contained, among other items, a business license
    from the City of Pelham, Alabama, a Wall Street Journal article that described the
    profitability of payday loan businesses, and a short biography of Carver that
    exaggerated his military record. A private placement memorandum informed
    6
    purchasers of bonds that about 16 percent of investor funds would cover overhead
    costs associated with the issuance of the bonds, but The Loan Shoppe did not make
    any such disclosure to the purchasers of promissory notes. Salesmen mailed the
    packets to potential investors and sometimes faxed additional information to
    investors. In return for their services, the salesmen received sales commissions of
    15 or 20 percent.
    Investors contributed $4,440,620 to Naranjo’s capital investment
    campaign. This amount reflects investments from 139 investors in the United
    States and Colombia who provided capital contributions that ranged from $2000 to
    $750,000. Investors either wired funds to the MRNA or The Loan Shoppe
    accounts or mailed checks payable to the companies. Even though MRNA
    dissolved eight months before the first investments arrived, the MRNA account
    received deposits of more than $1.5 million. Funds also were transferred from the
    Florida bank account of The Loan Shoppe to the MRNA account over two years
    after the dissolution of MRNA. Other funds that investors had contributed were
    transferred from the MRNA account to the Florida bank account of The Loan
    Shoppe.
    Despite Naranjo’s ability to obtain millions of dollars from investors, The
    Loan Shoppe was a failure. The Loan Shoppe, during its two years of existence,
    7
    earned only $506,876 in operating income. This income did not cover amounts
    The Loan Shoppe paid customers through check cashing and loans, and the
    business suffered an operational loss of $64,444.09, excluding payroll, insurance,
    and other overhead expenses.
    The investors did not finance the expansion of a legitimate business, but
    instead funded a Ponzi scheme, which covered the considerable overhead expenses
    of The Loan Shoppe and enriched Carver and Naranjo. The Loan Shoppe used
    $1,346,573.49—approximately 30 percent of its capital contributions—to pay
    interest to investors or return investments. The Loan Shoppe spent another
    $1,060,864.19—approximately 24 percent of its capital contributions—to pay
    commissions to its salesmen. The Loan Shoppe also spent $381,586.91 on payroll
    expenses and $896,299.84 on general business expenses. Carver received more
    than $50,000 and Naranjo received a total of $450,531.08. Naranjo’s receipts
    included funds from the accounts of The Loan Shoppe and MRNA that Naranjo
    had diverted to another business venture called Advance America and funds that
    Naranjo had paid directly to his personal creditors. Naranjo paid his landlord
    $24,000 for one year of rent, $32,431.04 toward the purchase of a new BMW car,
    and $22,000 for dental work, all from funds deposited by investors in MRNA.
    Naranjo also made three large cash withdrawals from MRNA and The Loan
    8
    Shoppe accounts that corresponded with deposits from investors. On March 21,
    2003, an investor deposited $15,000 into the MRNA account. Three days later,
    Naranjo cashed a $5000 check drawn on the MRNA account. MRNA received a
    total of $6500 from investors on March 25, 2003, and March 27, 2003. On March
    28, 2003, Naranjo cashed a $6000 check drawn from the MRNA account. On
    November 18, 2003, an investor deposited $30,000 into the Florida account of The
    Loan Shoppe. That same day, Naranjo cashed a $20,000 check drawn from that
    account.
    The investors in The Loan Shoppe did not fare as well as Naranjo. Although
    The Loan Shoppe paid a considerable portion of its funds to investors, most
    investors did not receive the interest payments that Naranjo and his salesmen had
    promised. In April 2004, after receiving a complaint from a Michigan investor
    who had not received his promised interest payments, Special Agent Christopher
    Young of the Alabama Securities Commission began investigating The Loan
    Shoppe. Young eventually received complaints from about 20 investors. Young
    learned that The Loan Shoppe was cashing checks without a license, but he did not
    warn investors to withdraw their investments. He turned his investigation over to
    Florida authorities after determining that no Alabama citizens had invested in The
    Loan Shoppe.
    9
    A series of events in late 2004 and early 2005 marked the downfall of The
    Loan Shoppe. In November 2004, The Loan Shoppe dissolved, but Carver
    revoked the dissolution the following month. On November 29, 2004, Naranjo
    incorporated another business in Florida, Advance America, Inc., and named
    himself the agent, incorporator, and president of the new corporation. In
    December 2004, two checks drawn on the Wachovia account of The Loan Shoppe,
    both for amounts exceeding $20,000, were made for the benefit of Advance
    America. On January 5, 2005, Naranjo resigned as president of Advance America.
    On January 26, 2005, The Loan Shoppe mailed investors a letter, purportedly
    signed by Carver, but not written by him, that stated that The Loan Shoppe had
    become the victim of “a corporate identity thief” when another company solicited
    investments under the same name. In the spring of 2005, federal authorities ceased
    operation of The Loan Shoppe. In May 2005, Agent James Grunwald of the
    Federal Bureau of Investigation began to examine business records of The Loan
    Shoppe.
    In 2006, a federal grand jury indicted Naranjo and Carver on one count of
    conspiracy to commit mail fraud and wire fraud, 18 U.S.C. § 1349; seven counts of
    mail fraud, 
    id. §§ 2,
    1341; three counts of wire fraud, 
    id. §§ 2,
    1343; one count of
    conspiracy to commit money laundering activity, 
    id. § 1956(h);
    and nine counts of
    10
    promotional money laundering, 
    id. §§ 2,
    1956(a)(1)(A)(i). The grand jury also
    indicted Naranjo for three counts of concealment money laundering, 
    id. §§ 2,
    1956(a)(1)(B)(i), based on his three checks for cash from the MRNA and The Loan
    Shoppe accounts. The grand jury also indicted Naranjo on five counts of engaging
    in monetary transactions in property derived from specified unlawful activity, 
    id. §§ 2,
    1957. The grand jury indicted Carver for two counts of concealment money
    laundering, 
    id. §§ 2,
    1956(a)(1)(B)(i).
    At Naranjo and Carver’s trial, the government presented testimony from
    twenty-one witnesses, including former salesmen, investors in The Loan Shoppe,
    Grunwald, and Young. Carver took the stand in his defense, but Naranjo did not
    testify. During Grunwald’s testimony, the government introduced charts that
    provided summaries of the financial transactions of The Loan Shoppe that were
    based largely on business records. Naranjo’s lawyer objected on the ground that
    the charts should be used only for demonstrative purposes. The district court
    overruled the objection and allowed the charts to be introduced as summary
    evidence.
    During Young’s testimony, Naranjo requested, under the Jencks Act, 
    id. § 3500,
    any reports Young had prepared during his investigation. Young, who was
    employed in Nevada at the time of the trial, had prepared a closing memorandum
    11
    upon the termination of his investigation, but he no longer had access to it because
    it was in the possession of Alabama authorities. Young further testified that he had
    not given the memorandum to federal authorities, and the prosecutor stated that
    federal authorities did not have possession of any memorandum prepared by
    Young. The district court found that the requested documents were not in the
    possession of federal authorities and denied Naranjo’s motion.
    The jury convicted Naranjo of one count of conspiracy to commit mail and
    wire fraud, six counts of wire fraud, three counts of mail fraud, one count of
    conspiracy to commit money laundering, five counts of promotional money
    laundering, three counts of concealment money laundering, and five counts of
    engaging in monetary transactions with property derived from criminal activity.
    The jury acquitted Naranjo of one count of wire fraud and four counts of
    promotional money laundering. The jury acquitted Carver of all charges. The
    district court granted Naranjo’s motion to vacate his two conspiracy convictions on
    the ground that Naranjo’s alleged co-conspirator, Carver, had been acquitted of all
    charges. Naranjo also moved to set aside his concealment money laundering
    conviction on the ground that the government had presented insufficient evidence
    to support the convictions, but the district court denied this motion. The district
    court later granted Naranjo’s motion to dismiss his lawyer and to proceed pro se.
    12
    The district court held three sentencing hearings to address various pro se
    motions made by Naranjo. The district court denied, among other motions,
    Naranjo’s multiple motions for acquittal or for a new trial that related to Young’s
    testimony, including a motion that alleged that the government had failed to
    disclose the report prepared by Young in violation of Brady v. Maryland, 
    373 U.S. 83
    , 
    83 S. Ct. 1194
    (1963). Naranjo attached to another motion for a new trial
    based on newly discovered evidence a police report summary that stated that
    Florida officials had received information from Young and then shared this
    material with Grunwald. The district court also denied this motion.
    Naranjo objected to the recommendation in his presentence investigation
    report to enhance his sentence based on the total number of investors and the total
    amount invested. Naranjo argued that investors who received payouts from The
    Loan Shoppe should not be included in the number of victims and that amounts
    returned to investors should not be included in the loss calculation. Agent
    Jonathan Ostroman of the Federal Bureau of Investigation examined Grunwald’s
    reports and testified at sentencing that 30 investors were refunded their full
    investments. Ostroman testified that Naranjo had defrauded 109 investors of a
    total of $2,747,137.47. The district court accepted Ostroman’s calculation even
    though Grunwald had testified at trial that he had not closely examined every
    13
    document he obtained from The Loan Shoppe and MRNA. The district court
    enhanced Naranjo’s sentence based on findings that he defrauded between 50 and
    250 investors, U.S. Sentencing Guidelines Manual § 2B1.1(b)(2)(B) (2005), and he
    caused a loss of more than $2.5 million but less than $7 million, 
    id. § 2B1.1(b)(1)(J).
    The district court also applied an enhancement for Naranjo’s
    leadership role in the criminal activity, 
    id. § 3B1.1(c),
    and cited the extensive
    nature of Naranjo’s criminal activity as an alternate basis for the enhancement, 18
    U.S.C. § 3553(a)(1).
    The sentencing guidelines provided a sentence range of 108 to 135 months
    of imprisonment. The district court sentenced Naranjo to 120 months of
    imprisonment for each offense and ordered that the sentences run concurrently.
    The district court also ordered Naranjo to serve concurrent three-year terms of
    supervised release on each conviction, to pay a special assessment of $2200, to pay
    restitution of $175,478, and to forfeit $2.5 million.
    II. STANDARDS OF REVIEW
    Several standards of review govern this appeal. “We review a verdict
    challenged for sufficiency of the evidence de novo, resolving all reasonable
    inferences in favor of the verdict.” United States v. Yost, 
    479 F.3d 815
    , 818 (11th
    Cir. 2007). “We cannot disturb the verdict ‘unless no trier of fact could have found
    14
    guilt beyond a reasonable doubt.’” 
    Id. at 818–19
    (quoting United States v. Lyons,
    
    53 F.3d 1198
    , 1202 (11th Cir. 1995)). We review a denial of a motion for a new
    trial based on an alleged violation of Brady or the Jencks Act for abuse of
    discretion. United States v. Isaac Marquez, 
    594 F.3d 855
    , 859–60 (11th Cir.), cert.
    denied, 
    130 S. Ct. 3373
    (2010). We review the calculation of losses by the district
    court for clear error. United States v. Woodard, 
    459 F.3d 1078
    , 1087 (11th Cir.
    2006). We review an argument made for the first time on appeal for plain error.
    See United States v. Emmanuel, 
    565 F.3d 1324
    , 1333 (11th Cir.), cert. denied, 
    130 S. Ct. 1032
    (2009).
    III. DISCUSSION
    We divide our discussion in four parts. First, we discuss Naranjo’s
    argument about the sufficiency of the evidence used to support his convictions.
    Second, we discuss Naranjo’s motion for a new trial based on alleged violations of
    the Jencks Act and Brady. Third, we discuss Naranjo’s arguments about the
    admission of summary evidence of financial records. Fourth, we discuss Naranjo’s
    argument that the district court clearly erred at sentencing when it based its
    findings on estimates of the number of victims and amount of loss.
    A. Sufficient Evidence Supports Each of Naranjo’s Convictions.
    Naranjo raises two arguments about the sufficiency of the evidence the
    15
    government presented to support his convictions. First, Naranjo argues, for the
    first time on appeal, that the district court should have vacated all of his
    convictions because the government failed to prove that he intended to participate
    in a fraud. Second, Naranjo argues that the district court erred when it denied his
    motion for acquittal on the charges of concealment money laundering because the
    three checks for cash drawn from the MRNA and The Loan Shoppe bank accounts
    are insufficient evidence of concealment money laundering when his business
    required cash for its daily operations. Both of these arguments fail. We discuss
    each argument in turn.
    1. The Record Supports a Finding That Naranjo Intended to Participate in a Fraud.
    Naranjo argues that all of his convictions should be vacated because the
    evidence failed to support a factual finding that Naranjo intended to participate in a
    fraud, but we disagree. Naranjo contends that he operated a legitimate business
    that would have “flourished” if not for “Young and his misguided investigation
    and tactics that caused investors to demand refunds.”
    Proof of an intent to defraud is necessary to support Naranjo’s mail and wire
    fraud convictions. 18 U.S.C. §§ 1341, 1343; United States v. Jennings, 
    599 F.3d 1241
    , 1250 (11th Cir. 2010). Proof of fraud also is necessary to support Naranjo’s
    convictions for concealment money laundering, 18 U.S.C. § 1956(a)(1)(B)(i);
    16
    promotional money laundering, 
    id. § 1956(a)(1)(A)(i);
    and engaging in monetary
    transactions in property derived from specified unlawful activity, 
    id. § 1957.
    Proof
    of fraud is necessary because these crimes prohibit certain uses of illegal proceeds,
    and the government did not allege that Naranjo derived income from any illegal
    activities other than mail and wire fraud. “A scheme to defraud requires proof of a
    material misrepresentation, or the omission or concealment of a material fact
    calculated to deceive another out of money or property.” United States v.
    Maxwell, 
    579 F.3d 1282
    , 1299 (11th Cir. 2009). “A jury may infer an intent to
    defraud from the defendant’s conduct.” 
    Id. at 1301.
    Evidence that a defendant
    personally profited from a fraud may provide circumstantial evidence of an intent
    to participate in that fraud. See United States v. Navarro-Ordas, 
    770 F.2d 959
    ,
    966–67 (11th Cir. 1985).
    The jury reasonably found that Naranjo intended to participate in a
    fraudulent scheme. Evidence presented at trial established that Naranjo operated a
    check cashing and payday loan business without a state license; mailed copies of a
    city business license to prospective investors because he did not have a state
    license for check cashing; hid his connection to the business by omitting his name
    on corporate records and license applications; told his salesmen that the business
    was “very profitable” when it did not generate a profit; invested only a small
    17
    portion of investor funds on expansion of The Loan Shoppe; promised high rates
    of return that few, if any, investors actually received; exaggerated Carver’s military
    record to potential investors; spent a majority of investor funds on debt service and
    sales commissions without informing investors; and personally profited over
    $450,000 from a business that did not generate a profit.
    The jury was entitled to reject any inference that The Loan Shoppe failed
    because Young warned investors to withdraw their investments, but even if we
    could evaluate the credibility of this defense, the record gives no support to
    Naranjo’s argument. Young testified that he did not tell investors to request
    refunds of their investments and that he did not even communicate with investors
    who did not contact him first. The record supports the finding of the jury that
    Naranjo intended to participate in a fraud.
    2. The Record Establishes That Naranjo Purposefully Concealed the Source or
    Ownership of Funds.
    Naranjo argues that his concealment money laundering convictions must be
    vacated because the government did not prove that he purposefully concealed
    funds, but we again disagree. The concealment money laundering statute prohibits
    financial transactions conducted for the purpose of concealing unlawfully obtained
    funds:
    Whoever, knowing that the property involved in a financial transaction
    18
    represents the proceeds of some form of unlawful activity, conducts or
    attempts to conduct such a financial transaction which in fact involves
    the proceeds of specified unlawful activity . . . (B) knowing that the
    transaction is designed in whole or in part–(i) to conceal or disguise the
    nature, the location, the source, the ownership, or the control of the
    proceeds of specified unlawful activity . . . shall be sentenced to a fine
    . . . or imprisonment . . . .
    18 U.S.C. § 1956(a)(1). Wire fraud and mail fraud are both “specified unlawful
    activit[ies]” subject to the concealment money laundering statute. See 
    id. §§ 1956(c)(7)(A),
    1961(1)(B). Because Naranjo concedes that a financial transaction
    occurred and we have already concluded that the evidence supports a finding that
    Naranjo knowingly participated in a fraud, our discussion addresses only whether
    the government presented sufficient evidence to prove that Naranjo knew that a
    purpose of his transactions was to conceal the location, source, ownership, or
    control of the funds he obtained by fraud.
    The government must present substantial evidence of purposeful
    concealment to support a conviction for concealment money laundering. United
    States v. Majors, 
    196 F.3d 1206
    , 1213 (11th Cir. 1999). The spending of illegal
    proceeds alone is insufficient to prove concealment money laundering. 
    Id. This Court
    has provided a non-exhaustive list of examples of evidence that may support
    a finding that a defendant purposefully sought to conceal funds, which includes
    “[‘]structuring the transaction in a way to avoid attention; depositing illegal profits
    19
    in the bank account of a legitimate business; highly irregular features of the
    transaction; using third parties to conceal the real owner; [and] a series of unusual
    financial moves cumulating in the transaction.[’]” 
    Id. at 1213
    n.18 (quoting United
    States v. Garcia-Emanuel, 
    14 F.3d 1469
    , 1475–76 (10th Cir. 1994) (emphasis
    omitted)).
    Naranjo argues that his transactions were not secretive or irregular because
    he signed and endorsed the pertinent checks and cashed these checks to provide
    working capital for the daily operations of The Loan Shoppe. Naranjo argues that
    his transactions were not complex arrangements structured to hide the source of the
    funds. To support his position, Naranjo relies on United States v. Johnson, where
    this Court held that a transfer of funds to a foreign bank account did not support a
    conviction for concealment money laundering. 
    440 F.3d 1286
    , 1293 & n.5 (11th
    Cir. 2006).
    Naranjo’s arguments fail. The government presented evidence that Naranjo
    hid his connection to the relevant bank accounts and made three large cash
    withdrawals from them. The record does not support Naranjo’s argument that he
    made cash withdrawals to provide operating capital for The Loan Shoppe, and
    Johnson is distinguishable.
    Efforts to “conceal . . . the ownership[] or the control” of illegal proceeds
    20
    constitute concealment money laundering. 18 U.S.C. § 1956(a)(1)(B)(i). This
    Court has held that evidence that a defendant placed or directed the deposit of
    illegal income into a bank account held by a third person or corporation and then
    received the benefit of those proceeds is sufficient to support a conviction of
    concealment money laundering. See, e.g., United States v. Miles, 
    290 F.3d 1341
    ,
    1356 (11th Cir. 2002); United States v. Thayer, 
    204 F.3d 1352
    , 1354–55 (11th Cir.
    2000); United States v. Flynt, 
    15 F.3d 1002
    , 1005 n.7, 1007 (11th Cir. 1994).
    Similarly, payments by check from accounts held by third parties may support a
    finding of concealment money laundering because these transactions misrepresent
    the source of wealth and produce documentary evidence that “could mislead an
    investigator.” 
    Garcia-Emanuel, 14 F.3d at 1476
    –77. Transfers of illegal proceeds
    to an account held in the name of an individual doing business as a corporation do
    not support a finding of purposeful concealment. See United States v.
    Blankenship, 
    382 F.3d 1110
    , 1128–29 (11th Cir. 2004). The cashing by a
    defendant of checks payable to entities controlled by the defendant has been held
    to provide sufficient evidence of concealment money laundering because the use of
    the account may “cloak [a defendant’s] activities with a semblance of legitimacy.”
    See United States v. Hairston, 
    46 F.3d 361
    , 375 (4th Cir. 1995).
    The jury reasonably found that Naranjo purposefully concealed the source or
    21
    ownership of funds he obtained fraudulently. The evidence establishes that
    Naranjo had tried to conceal his association with the relevant bank accounts and
    used these accounts to conduct unusual financial transactions. Naranjo directed the
    deposit of funds into bank accounts held by either MRNA or The Loan Shoppe, but
    none of these accounts bore Naranjo’s name, either as an individual or as an
    individual doing business as MRNA or The Loan Shoppe. About a month after
    incorporation, Naranjo removed his name from corporate filings of The Loan
    Shoppe. Additionally, Naranjo dissolved MRNA over a year and a half before the
    relevant cash withdrawals, and Naranjo’s use of a bank account of a nonexistent
    corporation provides further support that he sought to conceal his association with
    illegal proceeds.
    Naranjo’s signatory status on the accounts and signature on the checks that
    provide the bases of the concealment money laundering charges do not affect our
    conclusion that the record supports Naranjo’s conviction. Unlike the situation in
    Blankenship, where the defendant placed his name on an account for anyone
    dealing with the account to 
    see, 382 F.3d at 1128
    –29, Naranjo did not reveal his
    true relationship to the accounts by signing the checks for cash because The Loan
    Shoppe and MRNA could authorize anyone to sign checks drawn from the
    corporate account. This appeal is more analogous to the circumstances in Garcia-
    22
    
    Emanuel, 14 F.3d at 1476
    –77, and 
    Hairston, 46 F.3d at 374
    –75, where our sister
    circuits upheld convictions of concealment money laundering based on evidence
    that the defendants signed checks that were drawn from or payable to bank
    accounts that were controlled by the defendants but did not bear the name of the
    defendants. The record establishes that Naranjo took efforts to hide his connection
    to the fraudulently obtained funds. It is irrelevant that Naranjo left enough
    evidence to allow a novice investigator to trace these cash withdrawals to Naranjo
    and his wire and mail fraud activities because the statute requires only that
    proceeds be concealed, not that they be concealed well.
    Evidence that a defendant converted funds into a form that is more difficult
    to trace, easier to hide, or less suspicious may also support a conviction for
    concealment money laundering. We have upheld convictions for concealment
    money laundering or conspiracy to commit concealment money laundering where a
    defendant exchanged small-denomination bills for large-denomination bills, United
    States v. Farese, 
    248 F.3d 1056
    , 1060 (11th Cir. 2001); exchanged cash for
    jewelry, United States v. Seher, 
    562 F.3d 1344
    , 1365 (11th Cir. 2009); exchanged
    cash for cashier’s checks, United States v. Starke, 
    62 F.3d 1374
    , 1377, 1384 (11th
    Cir. 1995); and invested income from drug sales into a legitimate business, United
    States v. Saget, 
    991 F.2d 702
    , 713 (11th Cir. 1993). Concealment money
    23
    laundering prosecutions frequently involve defendants who allegedly converted
    cash from illegal activities into less suspicious assets, but the opposite transaction
    may also constitute concealment money laundering. A fraudfeasor commits
    concealment money laundering by converting documented, yet illegally obtained,
    funds into cash for the purpose of impeding the tracing of the funds. “[A]lthough
    not dispositive, [evidence of cash withdrawals] does lend greater support to the
    jury’s finding that the withdrawals were made with the intent to conceal the
    location of the funds for the simple reason that cash cannot be traced.” United
    States v. Dvorak, 
    617 F.3d 1017
    , 1024 (8th Cir. 2010).
    A reasonable jury could have inferred that Naranjo made cash withdrawals
    so that the funds could not be easily traced to their source. By converting funds
    into cash, Naranjo would have been able to spend illegal proceeds without leaving
    a paper trail connecting his purchases to his mail fraud and wire fraud. Evidence
    that Naranjo withdrew cash supports his concealment money laundering
    conviction. The jury had additional justification to convict Naranjo because he
    withdrew cash “within one week of the deposits” by investors and “the cash
    withdrawals were large.” 
    Id. Cash withdrawals
    of $5000, $6000, and $20,000
    could suggest to a reasonable jury that Naranjo withdrew cash not merely to cover
    everyday expenses but to hide the source of the funds and his connection to them.
    24
    The timing of the withdrawals also provides “circumstantial evidence” of the
    “intent of concealing the location of the funds.” 
    Id. The record
    gives no support to Naranjo’s argument that Carver’s testimony
    established that Naranjo withdrew cash from the bank accounts to provide working
    capital for The Loan Shoppe stores. Carver testified that he would routinely “go to
    the bank, take out X amount of cash, [and] take it to the store” to “keep the check
    cashing stores funded with cash.” No evidence established that Naranjo also
    cashed checks to supply cash for The Loan Shoppe. Carver testified that The Loan
    Shoppe closed its Florida stores by the late summer or early fall of 2003 and
    verified that “Naranjo never actually went to Alabama,” but Naranjo made the
    $20,000 cash withdrawal from an account of The Loan Shoppe on November 18,
    2003. Even if Naranjo presented evidence that established he used the cash for
    legitimate purposes, the correct inquiry is whether a reasonable jury could have
    convicted Naranjo of concealment money laundering, not whether Naranjo had a
    plausible and legitimate explanation for his three large cash withdrawals. The jury
    also was entitled to reject Carver’s testimony. See United States v. Hasner, 
    340 F.3d 1261
    , 1272 (11th Cir. 2003). The jury’s “finding [relating to credibility] is
    binding on this Court” as long as it is supported by sufficient evidence, United
    States v. Tate, 
    586 F.3d 936
    , 945 (11th Cir. 2009), cert. denied, 
    131 S. Ct. 634
    25
    (2010).
    We also reject Naranjo’s argument that Johnson demands reversal. In
    Johnson, we held that the transfer of funds from a corporate account to a foreign
    bank account did not support a conviction of concealment money laundering when
    the government had failed to present evidence that the transfer of funds to foreign
    bank accounts impeded the tracing of 
    funds. 440 F.3d at 1293
    & n.5. This appeal
    is distinguishable from Johnson because Naranjo did more than transfer money
    between bank accounts. He made large cash withdrawals, and a reasonable jury
    could have found that cash is more difficult to trace than funds transferred between
    bank accounts. See 
    Dvorak, 617 F.3d at 1024
    . Naranjo also tried to conceal his
    ownership of the funds by hiding his association with the bank accounts.
    B. Naranjo’s Jencks Act and Brady Arguments Fail.
    Naranjo alleges that Young prepared a report of his investigation and that
    the government violated both the Jencks Act, 18 U.S.C. § 3500, and Brady, 
    373 U.S. 83
    , 
    83 S. Ct. 1194
    , by refusing to provide this report to Naranjo. Naranjo
    contends that the correct remedy for the alleged violations of the Jencks Act and
    Brady is a new trial, and we construe his pro se motions as requests for such relief.
    Naranjo’s argument lacks merit. Naranjo fails to establish that the district
    court abused its discretion when it denied Naranjo’s motion for acquittal or for a
    26
    new trial. Naranjo also fails to establish that federal authorities had possession of
    such a report as required by both the Jencks Act and Brady, or that the report
    would have been exculpatory and material as required under Brady.
    Naranjo’s argument that the district court abused its discretion when it
    denied his motions for a new trial based on an alleged Jencks Act violation fails
    because the record does not establish that federal authorities possessed the report
    prepared by Young. The Jencks Act provides that, on a defendant’s motion, a
    district court shall “order the United States to produce any statement . . . of the
    witness in the possession of the United States which relates to the subject matter as
    to which the witness has testified.” 18 U.S.C. § 3500(b). “A statement is ‘in the
    possession of the United States’ for Jencks Act purposes if it is in the possession of
    a federal prosecutorial agency.” United States v. Cagnina, 
    697 F.2d 915
    , 922 (11th
    Cir. 1983). Naranjo alleges that Young prepared a report that was included in
    investigative findings sent from Alabama authorities to Florida authorities and then
    to federal authorities, but the district court found that “the document in question
    [was] not in possession of the . . . federal prosecuting authorities.”
    The government also did not violate Brady because it did not possess any
    report prepared by Young. In Brady, the Court ruled that the Due Process Clause
    requires prosecutors to disclose “evidence favorable to an accused . . . where the
    27
    evidence is material either to guilt or to punishment, irrespective of the good faith
    or bad faith of the 
    prosecution.” 373 U.S. at 87
    , 83 S. Ct. at 1196–97. “Three
    elements establish a Brady violation: (1) the evidence must be favorable to the
    accused, because it is either exculpatory or impeaching; (2) the evidence must have
    been suppressed by the State, either willfully or inadvertently; and (3) the evidence
    must be material so as to establish prejudice.” Stephens v. Hall, 
    407 F.3d 1195
    ,
    1203 (11th Cir. 2005). “[M]ere speculation or allegations that the prosecution
    possesses exculpatory information will not suffice to prove ‘materiality.’” United
    States v. Jordan, 
    316 F.3d 1215
    , 1252 n.81 (11th Cir. 2003). As with the Jencks
    Act, Brady “applies only to information possessed by the prosecutor or anyone
    over whom he has authority.” United States v. Meros, 
    866 F.2d 1304
    , 1309 (11th
    Cir. 1989). “A prosecutor has no duty to undertake a fishing expedition in other
    jurisdictions in an effort to find potentially impeaching evidence every time a
    criminal defendant makes a Brady request for information regarding a government
    witness.” 
    Id. Naranjo’s argument
    fails for a second reason: Brady applies only to
    exculpatory and impeachment evidence, and Naranjo’s argument that the report
    contains exculpatory information is, at best, speculative. Naranjo asserts that
    Young’s report would be exculpatory because Young concluded that Naranjo did
    28
    not violate Alabama law, but this argument misconstrues the record. Young
    testified that he terminated the investigation as “a matter of resources” because no
    “residents of the State of Alabama were participants or had been allegedly harmed
    by The Loan Shoppe” and referred the matter to Florida authorities. Young did not
    testify about whether Naranjo violated Alabama law. Naranjo submitted a
    summary report, allegedly prepared by Florida investigators, that suggests that
    Florida authorities shared Young’s investigative findings with Grunwald, but this
    report contains no evidence that any of Young’s documents would be exculpatory.
    Naranjo argues that United States v. Antone, 
    603 F.2d 566
    (5th Cir. 1979),
    requires the government to disclose Brady material possessed by state
    investigators, but we disagree. Antone held that Brady required federal
    prosecutors to disclose the payment of a witness’s attorney fees by a state when
    federal and state authorities “pooled their investigative energies to a considerable
    extent,” 
    id. at 569,
    and “the state investigators functioned as agents of the federal
    government under the principles of agency law,” 
    id. at 570.
    Knowledge of
    information that state investigators obtain is not imputed for Brady purposes to
    federal investigators who conduct a separate investigation when the separate
    investigative teams do not collaborate extensively. See Moon v. Head, 
    285 F.3d 1301
    , 1310 (11th Cir. 2002) (holding that knowledge obtained by investigators in
    29
    one state is not imputed to investigators that conduct a separate investigation in
    another state). Because Grunwald conducted a federal investigation separate from
    Young’s investigation, the government did not possess Young’s report for Brady
    purposes.
    C. Naranjo’s Arguments About Summary Evidence Fail.
    Naranjo argues for the first time on appeal that the admission of summary
    evidence violated his rights under the Due Process and Confrontation Clauses of
    the United States Constitution. Naranjo argues that the summary evidence that the
    government presented in charts was inaccurate and violated his right to due
    process. Naranjo also argues that the introduction of summary evidence deprived
    him of his Sixth Amendment right to challenge the accuracy of this evidence
    through cross-examination, as articulated in Davis v. Alaska, 
    415 U.S. 308
    , 94 S.
    Ct. 1105 (1974), and Crawford v. Washington, 
    541 U.S. 36
    , 
    124 S. Ct. 1354
    (2004), because the summary evidence concerned investments made by investors
    who did not testify.
    Naranjo’s due process argument fails. “[T]his Court will permit the use of
    summary charts incorporating certain assumptions ‘so long as supporting evidence
    has been presented previously to the jury . . . and where the court has “made it
    clear that the ultimate decision should be made by the jury as to what weight
    30
    should be given to the evidence.”’” United States v. Richardson, 
    233 F.3d 1285
    ,
    1294 (11th Cir. 2000) (alteration in original) (quoting United States v. Francis, 
    131 F.3d 1452
    , 1458 (11th Cir. 1997) (quoting United States v. Means, 
    695 F.2d 811
    ,
    817 (5th Cir. 1983))). “[W]here the defense has the opportunity to cross-examine a
    witness concerning the disputed issue and to present its own version of the case,
    ‘the likelihood of any error in admitting summary evidence diminishes.’” 
    Id. (quoting United
    States v. Norton, 
    867 F.2d 1354
    , 1363 (11th Cir. 1989)). The
    introduction of charts as summary evidence by the government was consistent with
    Richardson. The government admitted into evidence the checks and bank records
    on which the summary charts were based, and Naranjo cross-examined Grunwald
    and elicited an admission that the charts were based on some assumptions. The
    district court later instructed the jury to refer to the charts “only as an aid . . . and
    not for the truth.” Naranjo did not suffer a violation of his right to due process.
    Naranjo cites United States v. Alzate, 
    47 F.3d 1103
    (11th Cir. 1995), in
    support of a second due process argument, but that decision is irrelevant to the
    issue at hand. In Alzate, we ordered a new trial due to a Brady violation. 
    Id. at 1110–11.
    Naranjo does not argue that the government violated Brady by
    introducing summary evidence.
    Naranjo’s Confrontation Clause claim also fails. The Sixth Amendment
    31
    affords criminal defendants an opportunity to cross-examine witnesses who present
    testimonial evidence. 
    Crawford, 541 U.S. at 68
    , 124 S. Ct. at 1374. A statement is
    testimonial if “made under circumstances which would lead an objective witness
    reasonably to believe that the statement would be available for use at a later trial.”
    
    Id. at 52,
    124 S. Ct. at 1364 (internal quotation marks omitted). See also United
    States v. Caraballo, 
    595 F.3d 1214
    , 1228 (11th Cir. 2010) (quoting United States v.
    Baker, 
    432 F.3d 1189
    , 1203 (11th Cir. 2005)). The district court admitted into
    evidence the bank records and checks that provided the basis for the summary
    charts without any objection from Naranjo. These bank records and checks were
    admissible under the business records exception to the hearsay rule, Fed. R. Evid.
    803(6). Business records are not testimonial. 
    Crawford, 541 U.S. at 56
    , 124 S. Ct.
    at 1367 (discussing “statements that by their nature were not testimonial—for
    example, business records”); United States v. Morgan, 
    505 F.3d 332
    , 339 (5th Cir.
    2007); United States v. Feliz, 
    467 F.3d 227
    , 233–34 (2d Cir. 2006); United States
    v. Baker, 
    458 F.3d 513
    , 519–20 (6th Cir. 2006). Summary evidence also is not
    testimonial if the evidence underlying the summary is not testimonial. See United
    States v. Jamieson, 
    427 F.3d 394
    , 411–12 (6th Cir. 2005). Because the
    Confrontation Clause only provides a right to cross-examination of testimonial
    statements, the district court did not plainly err by admitting summary evidence
    32
    based on bank records and checks.
    D. The District Court Did Not Err When It Enhanced Naranjo’s Sentence Based
    on Estimates of the Number of Victims and Total Losses.
    Naranjo argues that the district court erred and imposed an unreasonable
    sentence when it enhanced Naranjo’s sentence based on estimations of the number
    of victims and total amount of losses, but this argument fails. “For sentencing
    purposes, the loss amount does not need to be precise and may only be a
    reasonable estimate of the loss based on the available information.” 
    Woodard, 459 F.3d at 1087
    . Naranjo fails to cite any portion of the record that suggests that the
    district court accepted an erroneous estimate of the number of victims and total
    loss, nor does he contest the assertion of the government that Grunwald based his
    estimates largely on bank records. The record instead establishes that the district
    court rejected the loss calculation provided in the presentence investigation report
    and, based on Ostroman’s testimony, lowered the loss estimate. The district court
    did not err when it relied at sentencing on estimates of the number of victims and
    amount of losses. Naranjo’s sentence, within the guidelines range, is reasonable.
    IV. CONCLUSION
    We AFFIRM Naranjo’s convictions and sentence.
    33