JUSTICE O'CONNOR delivered the opinion of the Court.t Petitioner Joseph Libretti pleaded guilty to engaging in a continuing criminal enterprise, in violation of 84 Stat. 1265, 21 U. S. C. § 848 (1988 ed. and Supp. V), and agreed to forfeit numerous items of his property to the Government. We must decide whether Federal Rule of Criminal Procedure 11(f) requires the District Court to determine whether a factual basis exists for a stipulated asset forfeiture embodied in a plea agreement, and whether the Federal Rule of Crimi
*Briefs of amici curiae urging reversal were filed for the Forfeiture Endangers American Rights Foundation by Brenda Grantland; and for the National Association of Criminal Defense Lawyers by David B. Smith and Richard J. Troberman.
tJUSTICE SCALIA and JUSTICE THOMAS join all but Parts II-B and II-C of this opinion. JUSTICE SOUTER and JUSTICE GINSBURG join only Parts I and II. nal Procedure 31(e) right to a special jury verdict on forfeiture can only be waived following specific advice from the District Court as to the existence and scope of this right and an express, written waiver.
I
In May 1992, Joseph Libretti was charged in a multicount superseding indictment with violations of various federal drug, firearms, and money-laundering laws. Included in the indictment was a count alleging that Libretti engaged in a continuing criminal enterprise (CCE), in violation of 21 U. s. C. § 848, by operating a cocaine and marijuana distribution organization in Wyoming and Colorado from 1984 to 1992. Conviction under § 848 subjects a defendant to, among other penalties, "the forfeiture prescribed in section 853." 1 21 U. s. C. § 848(a). Accordingly, the indict
"(a) Property subject to criminal forfeiture. Any person convicted of a violation of this subchapter or subchapter II of this chapter punishable by imprisonment for more than one year shall forfeit to the United States, irrespective of any provision of State law
"(1) any property constituting, or derived from, any proceeds the person obtained, directly or indirectly, as the result of such violation;
"(2) any of the person's property used, or intended to be used, in any manner or part, to commit, or to facilitate the commission of, such violation; and
"(3) in the case of a person convicted of engaging in a continuing criminal enterprise in violation of section 848 of this title, the person shall forfeit, in addition to any property described in paragraph (1) or (2), any of his interest in, claims against, and property or contractual rights affording a source of control over, the continuing criminal enterprise.
"The court, in imposing sentence on such person, shall order, in addition to any other sentence imposed pursuant to this subchapter or subchapter II of this chapter, that the person forfeit to the United States all property described in this subsection. In lieu of a fine otherwise authorized by this part, a defendant who derives profits or other proceeds from an ment further alleged that the Government was entitled to forfeiture of property that was obtained from or used to facilitate Libretti's drug offenses, including, but not limited to, various assets specified in the indictment. See Fed. Rule Crim. Proc. 7(c)(2) ("No judgment of forfeiture may be entered in a criminal proceeding unless the indictment or the information shall allege the extent of the interest or property subject to forfeiture").
Trial began in September 1992. The Government presented testimony from 18 witnesses, including several individuals who had purchased cocaine or marijuana from Libretti, to establish Libretti's involvement in the possession and distribution of considerable amounts of narcotics. The testimony also reflected Libretti's purchase of a home, an automobile, and dozens of automatic and semiautomatic weapons during a time when he had only modest sources of legitimate income. Finally, the testimony revealed that Libretti stored large amounts of money and drugs in safety deposit boxes and storage facilities away from his home.
Following four days of testimony, Libretti and the Government entered into a plea agreement, by the terms of which Libretti agreed to plead guilty to the CCE count of the indictment (count 6). The Government in return agreed not to pursue additional charges against Libretti and to recommend that he be sentenced to the mandatory minimum of 20 years' imprisonment. Paragraph 10 of the plea agreement provided that Libretti would"transfer his right, title, and interest in all of his assets to the Division of Criminal Investigation of the Wyo
offense may be fined not more than twice the gross profits or other proceeds."
In addition, § 853(p) provides that, when property subject to forfeiture under subsection (a) cannot be recovered for various reasons, "the court shall order the forfeiture of any other property of the defendant up to the value of" the forfeitable but unrecoverable assets. ming Attorney General including, but not limited to: all real estate; all personal property, including guns, the computer, and every other item now in the possession of the United States; all bank accounts, investments, retirement accounts, cash, cashier's checks, travelers checks and funds of any kind."
Two other paragraphs of the plea agreement also made reference to the contemplated forfeiture. Paragraph 2 described the maximum statutory penalty for the offense to which Libretti agreed to plead guilty, which included "forfeiture of all known assets as prescribed in 21 U. S. C. § 853 and assets which are discovered at any later time up to $1,500,000." In paragraph 9, Libretti agreed to "identify all assets that were used to facilitate his criminal activity" and to "provide complete financial disclosure forms requiring the listing of assets and financial interests." Finally, Libretti acknowledged in the agreement "that by pleading guilty to Count Six of the Indictment, he waive[d] various constitutional rights, including the right to a jury trial." It is beyond dispute that Libretti received a favorable plea agreement. The Government recommended that Libretti receive the minimum sentence for conviction under § 848, and agreed to drop all other counts in the indictment. One of those counts charged Libretti with use of a firearm equipped with a silencer during the commission of a drug offense, which mandates a 30-year sentence consecutive to the term of imprisonment on the underlying drug offense. 18 U. S. C. § 924(c)(1). Libretti also faced a potential fine of up to $2 million. 21 U. S. C. §§ 848(a), 853(a).
At the subsequent hearing on the plea agreement, the trial judge advised Libretti of his rights, including his right to a jury trial. The court also clarified the consequences of Libretti's plea, including the facts that a plea of guilty would mean "the end of this trial," that "the jury [would] not… decide whether [he's] guilty or not," and that "all the property that's described in… Count 6 could be forfeited to the United States." App. 87, 88. Libretti was then placed under oath. He admitted that his plea was voluntary and indicated that he had read and understood the significance of the indictment and the plea agreement, including the fact that "all of [his] property could be forfeited, the property that is owned by [him] by reason of any drug transaction." Id., at 100. Libretti's only question about the plea agreement pertained to paragraph 2, which provided for future forfeiture of assets up to $1,500,000. The District Court assured Libretti that future forfeiture would be limited to subsequently discovered drug-tainted assets, and that his future legitimate income would not be forfeited. Id., at 88-89. After a lengthy exchange, in which the court reviewed each subparagraph describing the violations that composed the CCE charge and Libretti acknowledged each factual allegation, the District Court found that the guilty plea was voluntary and factually based. Id., at 121.
Following preparation of a presentence report, the District Court held a sentencing hearing, at which Libretti was sentenced to 20 years' imprisonment, to be followed by 5 years of supervised release, and ordered to pay a $5,000 fine as well as a mandatory $50 assessment and to perform 500 hours of community service. The Government filed a motion for forfeiture of Libretti's assets, in keeping with the plea agreement. Libretti's counsel offered no objection at the sentencing hearing, declaring that the forfeiture statute was "a harsh law" and "a bitter pill dealt by Congress," but conceding that it was "a pill we must swallow." Id., at 149. At the conclusion of the hearing, however, Libretti stated on the record that he "would just like to object to what [he saw] as a failure to find any factual basis for the whole forfeiture." Id., at 154. The District Judge noted the objection, but replied that "the evidence that I heard before me in the two [sic] days of trial I think is sufficient to warrant the granting of forfeiture. I think I have no alternative." Ibid. On December 23, 1992, the District Court entered an order of forfeiture pursuant to 21 U. S. C. § 853. The order listed specific property to be forfeited, including a parcel of real property in Wyoming, two condominiums, two automobiles, a mobile home, a diamond ring, various firearms, cash, several bank accounts, and a number of cashier's and traveler's checks. App.155-164. One check was forfeited as a substitute asset. Id., at 162. Libretti filed an appeal from the order of forfeiture.
While this appeal was pending, the District Court entertained third-party claims to some of the property ordered forfeited. See 21 U. S. C. § 853(n). Following a March 1993 hearing, the court amended its forfeiture order to return certain property to the third-party claimants. The court also modified its order with respect to Libretti, stating that "it may be unjust to enforce the specific forfeiture provisions in the plea agreement" and reasoning that Libretti's concession to forfeiture in the plea agreement provided insufficient basis for the order of forfeiture. App. 309. The court ordered a Magistrate to conduct a hearing at which Libretti would be given the opportunity to show, by a preponderance of the evidence, that any portion of his property was not subject to forfeiture. Upon motion by the Government, the District Court stayed the proceedings before the Magistrate Judge pending resolution of Libretti's appeal.
The Court of Appeals for the Tenth Circuit rejected both of Libretti's challenges to the forfeiture order. 38 F.3d 523 (1994). The court ruled first that the District Court lacked jurisdiction to consider Libretti's claims to the property ordered forfeited at the third-party hearing, because Libretti had filed a notice of appeal. After noting the divergence in the Courts of Appeals regarding the applicability of Rule 11(f) to forfeiture provisions in plea agreements, the court rejected Libretti's contention that Rule 11(f) requires a district court to ascertain a factual basis for a stipulated forfeiture of assets. This conclusion, the Court of Appeals reasoned, follows from the fact that forfeiture "is a part of the sentence, not a part of the substantive offense." Id., at 528. The Court of Appeals also determined that Libretti had waived his Rule 31(e) right to a jury determination of forfeitability, despite the fact that the District Court did not expressly advise Libretti of the existence and scope of that right during his plea colloquy. Id., at 530-531. We granted certiorari to resolve disagreement among the Circuits as to the applicability of Rule 11(f) to asset forfeiture provisions contained in plea agreements 2 and the requisites for waiver of the right to a jury determination of forfeit ability under Rule 31(e).3 514 U. S. 1035 (1995).
II
Libretti insists that the District Court's forfeiture order must be set aside (or at least modified), because the court neglected to establish a "factual basis" for forfeiture of the property covered by the order under Federal Rule of Criminal Procedure 11(f). Absent such a finding, Libretti argues, even his concession to forfeiture in the plea agreement cannot authorize the forfeiture.
A
Libretti's first claim is that the Rule by its very terms applies to a forfeiture provision contained in a plea agreement. Accordingly, our analysis must begin with the text of Rule 11(f):"Determining Accuracy of Plea. Notwithstanding the acceptance of a plea of guilty, the court should not enter a judgment upon such plea without making such inquiry as shall satisfy it that there is a factual basis for the plea."
By its plain terms, the Rule applies only to a "plea of guilty." Our precedent makes clear that this language refers to a defendant's admission of guilt of a substantive criminal offense as charged in an indictment and his waiver of the right to a jury determination on that charge. See, e. g., United States v. Broce, 488 U. S. 563, 570 (1989) ("By entering a plea of guilty, the accused is not simply stating that he did the discrete acts described in the indictment; he is admitting guilt of a substantive crime"); North Carolina v. Alford, 400 U. S. 25, 32 (1970); Boykin v. Alabama, 395 U. S. 238, 242 (1969); McCarthy v. United States, 394 U. S. 459, 466 (1969). With this definition in mind, we have held that a district judge satisfies the requirements of Rule 11(f) when he "determine[s] 'that the conduct which the defendant admits constitutes the offense charged in the indictment or information or an offense included therein to which the defendant has pleaded guilty.'" Id., at 467 (quoting Advisory Committee's Notes on Fed. Rule Crim. Proc. 11, 18 U. S. C. App., p. 730).
A forfeiture provision embodied in a plea agreement is of an entirely different nature. Forfeiture is an element of the sentence imposed following conviction or, as here, a plea of guilty, and thus falls outside the scope of Rule 11 (f). The text of the relevant statutory provisions makes clear that Congress conceived of forfeiture as punishment for the commission of various drug and racketeering crimes. A person convicted of engaging in a continuing criminal enterprise "shall be sentenced… to the forfeiture prescribed in section 853." 21 U. S. C. § 848(a) (emphasis added). Forfeiture is imposed "in addition to any other sentence." 21 U. S. C. § 853(a) (emphasis added). See also 18 U. S. C. § 1963 (forfeiture is imposed "in addition to any other sentence" for a violation of the Racketeer Influenced and Corrupt Organizations Act (RICO)). The legislative history of the Comprehensive Crime Control Act of 1984, Pub. L. 98-473, Tit. II, 98 Stat. 1976, also characterizes criminal forfeiture as punishment. See, e. g., S. Rep. No. 98-225, p. 193 (1983) (criminal forfeiture "is imposed as a sanction against the defendant upon his conviction"). Congress plainly intended forfeiture of assets to operate as punishment for criminal conduct in violation of the federal drug and racketeering laws, not as a separate substantive offense.
Our precedents have likewise characterized criminal forfeiture as an aspect of punishment imposed following conviction of a substantive criminal offense. In Alexander v. United States, 509 U. S. 544 (1993), we observed that the criminal forfeiture authorized by the RICO forfeiture statute "is clearly a form of monetary punishment no different, for Eighth Amendment purposes, from a traditional 'fine.'" Id., at 558. Similarly, in United States v. $8,850, 461 U. S. 555 (1983), we recognized that a "criminal proceeding… may often include forfeiture as part of the sentence." Id., at 567. And in Austin v. United States, 509 U. S. 602 (1993), we concluded that even the in rem civil forfeiture authorized by 21 U. S. C. §§881(a)(4) and (a)(7) is punitive in nature, so that forfeiture imposed under those subsections is subject to the limitations of the Eighth Amendment's Excessive Fines Clause. 509 U. S., at 619-622. Libretti himself conceded below that criminal forfeiture "is a part of the sentence, not a part of the substantive offense." 38 F. 3d, at 528.
It is true, as Libretti points out, that we said in Caplin & Drysdale, Chartered v. United States, 491 U. S. 617 (1989), that "forfeiture is a substantive charge in the indictment against a defendant." Id., at 628, n. 5. That statement responded to the defendant's claim that his Sixth Amendment right to counsel "for his defense" could be transformed into a defense to a forfeiture count in the indictment. We intended only to suggest that a defendant cannot escape an otherwise appropriate forfeiture sanction by pointing to his need for counsel to represent him on the underlying charges. Elsewhere in that opinion we recognized that forfeiture is a "criminal sanction," id., at 634, and is imposed as a sentence under § 853, id., at 620, n. 1.
Libretti nonetheless insists that the criminal forfeiture for which § 853 provides is not "simply" an aspect of sentencing, but is, in essence, a hybrid that shares elements of both a substantive charge and a punishment imposed for criminal activity. In support of this contention, Libretti points to three Federal Rules of Criminal Procedure that, according to him, treat forfeiture as a substantive criminal charge. Rule 7(c)(2) provides that "[n]o judgment of forfeiture may be entered in a criminal proceeding unless the indictment or the information shall allege the extent of the interest or property subject to forfeiture." If the indictment or information alleges that a defendant's property is subject to forfeiture, "a special verdict shall be returned as to the extent of the interest or property subject to forfeiture, if any." Fed. Rule Crim. Proc. 31(e). And a finding of forfeitability must be embodied in a judgment. Fed. Rule Crim. Proc. 32(d)(2) ("When a verdict contains a finding of criminal forfeiture, the judgment must authorize the Attorney General to seize the interest or property subject to forfeiture on terms that the court considers proper"). Although the procedural safeguards generated by these Rules are unique in the realm of sentencing, they do not change the fundamental nature of criminal forfeiture. The fact that the Rules attach heightened procedural protections to imposition of criminal forfeiture as punishment for certain types of criminal conduct cannot alter the simple fact that forfeiture is precisely that: punishment. The Advisory Committee's "assumption" that "the amount of the interest or property subject to criminal forfeiture is an element of the offense to be alleged and proved," Advisory Committee's Notes on Fed. Rule Crim. Proc. 31, 18 U. S. C. App., p. 786, does not persuade us otherwise. The Committee's assumption runs counter to the weighty authority discussed above, all of which indicates that criminal forfeiture is an element of the sentence imposed for a violation of certain drug and racketeering laws. Moreover, even supposing that the Committee's assumption is authoritative evidence with respect to the amendments to Rules 7, 31, and 32, it has no bearing on the proper construction of Rule 11. Tome v. United States, 513 U. S. 150 (1995), is not to the contrary. The Tome plurality treated the Advisory Committee's Notes on Federal Rule of Evidence 801(d)(1)(B) as relevant evidence of the drafters' intent as to the meaning of that Rule. 513 U. S., at 160163. In contrast, Libretti seeks to use the Note appended to Rule 31 to elucidate the meaning of an entirely distinct Rule. We cannot agree that the Advisory Committee's Notes on the 1972 amendment to Rule 31(e) shed any particular light on the meaning of the language of Rule 11(f), which was added by amendment to Rule 11 in 1966.
B
Libretti next advances three policy arguments for construing Rule 11(f) to reach asset forfeiture provisions of plea agreements. First, he claims, Rule l1(f)'s factual basis inquiry is essential to ensuring that a forfeiture agreement is knowing and voluntary. Next, Libretti declares that a Rule 11(f) inquiry will protect against Government overreaching. And lastly, Libretti insists that a factual basis inquiry is necessary to ensure that the rights of third-party claimants are fully protected. We consider these contentions in turn.
We are unpersuaded that the Rule 11(f) inquiry is necessary to guarantee that a forfeiture agreement is knowing and voluntary. Whether a stipulated asset forfeiture is "factually based" is a distinct inquiry from the question whether the defendant entered an agreement to forfeit assets knowingly and voluntarily. Libretti correctly points out that Rule 11(f) is intended to ensure that a defendant's "plea of guilty" is knowing and voluntary. McCarthy, 394 U. S., at 472 (the Rule 11 inquiry is "designed to facilitate a more accurate determination of the voluntariness of [a] plea"); Advisory Committee's Notes on Fed. Rule Crim. Proc. 11, 18 U. S. C. App., p. 730 (Rule 11(f) protects defendants who do not "realiz[e] that [their] conduct does not actually fall within the charge"). But a "plea of guilty" and a forfeiture provision contained in a plea agreement are different matters altogether. Forfeiture, as we have said, is a part of the sentence. If the voluntariness of a defendant's concession to imposition of a particular sentence is questionable, the relevant inquiry is whether the sentencing stipulation was informed and uncoerced on the part of the defendant, not whether it is factually sound.
Libretti's second argument-that a Rule 11(f) factual basis inquiry is necessary to prevent prosecutorial overreachingproves equally unavailing. As Libretti properly observes, § 853 limits forfeiture by establishing a factual nexus requirement: Only drug-tainted assets may be forfeited. Libretti suggests that failure to ensure, by means of a Rule 11(f) inquiry, that this factual nexus exists will open the door to voluntary forfeiture agreements that exceed the forfeiture authorized by statute, particularly in light of the Government's direct financial interest in forfeiture as a source of revenue and the disparity in bargaining power between the Government and a defendant. We recognized in Caplin & Drysdale that the broad forfeiture provisions carry the potential for Government abuse and "can be devastating when used unjustly." 491 U. S., at 634. Nonetheless, we concluded that "[c]ases involving particular abuses can be dealt with individually by the lower courts, when (and if) any such cases arise." Id., at 635. However valid Libretti's concern about prosecutorial overreaching may be, Rule 11(f) simply does not, on its face, address it.
We do not mean to suggest that a district court must simply accept a defendant's agreement to forfeit property, particularly when that agreement is not accompanied by a stipulation of facts supporting forfeiture, or when the trial judge for other reasons finds the agreement problematic. In this regard, we note that the Department of Justice recently issued a Revised Policy Regarding Forfeiture by Settlement and Plea Bargaining in Civil and Criminal Actions, Directive 94-7 (Nov. 1994), to instruct that, among the procedures necessary to ensure a valid forfeiture agreement, "[t]he settlement to forfeit property must be in writing and the defendant must concede facts supporting the forfeiture." Id., at 13. In this case, however, we need not determine the precise scope of a district court's independent obligation, if any, to inquire into the propriety of a stipulated asset forfeiture embodied in a plea agreement. We note that the Sentencing Guidelines direct only that a district court "may" accept an agreement reached by the parties as to a specific, appropriate sentence, as long as the sentence is within the applicable guideline range or departs from that range "for justifiable reasons." United States Sentencing Commission, Guidelines Manual § 6B1.2(c)(2) (Nov. 1993). Libretti's plea agreement correctly recognized that the District Court was not bound by the parties' agreement as to the appropriate sentence: "[T]he sentencing judge is neither a party to nor bound by this plea agreement and is free to impose whatever sentence he feels is justified." App. 81,, 11. Libretti finally argues that a Rule 11(f) factual basis inquiry is essential to preserving third-party claimants' rights. A defendant who has no interest in particular assets, the argument goes, will have little if any incentive to resist forfeiture of those assets, even if there is no statutory basis for their forfeiture. Once the Government has secured a stipulation as to forfeitability, third-party claimants can establish their entitlement to return of the assets only by means of the hearing afforded under 21 U. s. C. § 853(n). This hearing, Libretti claims, is inadequate to safeguard third-party rights, since the entry of a forfeiture order deprives thirdparty claimants of the right to a jury trial and reverses the burden of proof. He concludes that insisting on a factual basis inquiry before entry of the forfeiture order will lessen the need for third-party hearings following a broad-ranging forfeiture agreement, and may even result in the conservation of scarce judicial resources. Whatever the merits of this argument as a matter of policy, Congress has determined that § 853(n), rather than Rule 11(f), provides the means by which third-party rights must be vindicated. Third-party claimants are not party to Rule 11(f) proceedings, and Libretti's assertion that their interests are best protected therein fits poorly within our adversary system of justice.
C
Contrary to the suggestion of the dissent, post, at 57, the District Court did not rest its forfeiture order on nothing more than Libretti's stipulation that certain assets were forfeitable. In fact, there is ample evidence that the District Court both understood the statutory requisites for criminal forfeiture and concluded that they were satisfied on the facts of this case at the time the sentence was imposed. First, the District Judge correctly recognized the factual nexus requirement established by § 853. App. 89 (change-of-plea hearing) ("[I]t has to be the product of a drug transaction to be forfeited"). Count 6 of the indictment specified numerous items of property alleged to be subject to forfeiture under that statute, including a parcel of real property in Wyoming; two automobiles; over $100,000 in cash proceeds from drug transactions; $12,000 in cash that Libretti had stored inside a paint can at his home; a diamond ring; "[a]ll United States currency and travelers checks" recovered from Libretti's storage lockers, safes, home, and person; a mobile home; a computer system; four bank accounts; two GNMA investment certificates; bonds; three cashier's checks; and the contents of two safe deposit boxes. Additional property was identified in a bill of particulars and a restraining order issued, and subsequently amended, by the District Court pursuant to 21 U. S. C. § 853(e) ("Upon application of the United States, the court may enter a restraining order… to preserve the availability of property described in subsection (a) of this section for forfeiture under this section"). After one week of trial, the parties submitted to the court an agreement which set out, in detail, specific items of property to be forfeited following Libretti's plea of guilty, including "all real estate; all personal property, including guns, the computer, and every other item now in the possession of the United States; all bank accounts, investments, retirement accounts, cash, cashier's checks, travelers checks and funds of any kind." App. 81. The plea agreement also explained that the maximum penalty for the offense to which Libretti agreed to plead guilty included "forfeiture of all known assets as prescribed in 21 U. S. C. § 853 and assets which are discovered at any later time up to $1,500,000." App. 79.
Before issuing the order of forfeiture, the trial judge listened to four days of testimony, in which Government witnesses detailed numerous drug transactions with Libretti. See, e. g., 2 Tr. 124-126, 137-139; 3 id., at 271-272; 4 id., at 495-501; 5 id., at 946-949. One witness recounted Libretti's purchase of a home in 1985 with a $100,000 down payment, at a time during which he was earning an annual salary of approximately $20,000. 2 id., at 179-180,210-216; App. 123 (Presentence Report, Prosecutor's Statement, 6); Presentence Report' 37. Another told of Libretti's purchase of a sports car with a check for $19,114. 5 Tr. 907-913. Other witnesses described Libretti's possession, in his capacity as a federal firearms dealer, of numerous automatic and semiautomatic firearms, later determined to be worth at least $243,000. See, e. g., 2 id., at 140-141, 156-162; 5 id., at 844853; App. 123 (Presentence Report, Prosecutor's Statement, 9). One witness testified that Libretti admitted having "quite a bit of money stashed away" in safe deposit boxes, 5 Tr. 834, and on at least one occasion had "a couple thousand" dollars in cash "sitting around," id., at 835. Other witnesses established that Libretti often stored cash and drugs in safe deposit boxes and storage facilities away from his home. See, e. g., 2 id., at 155-156; 4 id., at 718-720, 738743. One of Libretti's drug customers testified that he broke into a storage facility at which Libretti had rented a storage locker and discovered a briefcase containing a large amount of cash (later estimated in the presentence report to be approximately $150,000), a large block of cocaine, and five large trash bags, at least one of which was filled with marijuana. Id., at 558-566, 588-589.
Prior to sentencing, the court received the presentence investigation report, which contained, among other things, a summary of Libretti's legitimate income during the relevant time periods. During 1985 and 1986, Libretti worked as a restaurant and grocery store manager, earning approximately $20,000 per year. In early 1987, he was employed as a temporary stock broker and was paid on commission only. Later that year, he managed a Tenneco thrift store. In 1989, Libretti reported an income of approximately $50,000 from his firearms business. During 1988 and 1989, Libretti also owned a partnership interest in two condominiums; he reported that the rental income did not meet his expenses and thus he did not earn a profit. Between June 1989 and his arrest in December 1991, Libretti worked as a full-time accounting supervisor, earning a salary of approximately $40,000 per year. Presentence Report "35-37.
Included in the presentence report was a prosecutor's statement detailing the amounts of cocaine and marijuana involved in Libretti's drug operation and various sums of money Libretti earned from his drug dealing. App. 122135. The statement described Libretti's substantial expenditures, including the $100,000 cash deposit on a house in 1985 ($72,000 of which was derived from Libretti's sale of drugs) and the purchase of a $20,000 mortgage in 1986 (again, allegedly with proceeds from his distribution of drugs). Id., at 123. Paragraph 12 reported that Libretti had opened a safe deposit box in 1987 in which he placed $48,000 in cash. On another occasion, Lib