Appellate courts rejected broad theories of white-collar fraud three times last week. In United States v. Abdelaziz, the First Circuit vacated the mail and wire fraud convictions of two parents who were caught up in the “Varsity Blues” scandal. The next day, the U.S. Supreme Court unanimously overturned federal fraud convictions in Ciminelli v. United States and Percoco v. United States. These decisions continue a clear trend over the past fifteen years of appellate courts, and especially the Supreme Court, rejecting the government’s aggressive theories of honest-services fraud and property fraud. In particular, they reaffirm that the “property” at issue must be a traditional form of property, rather than the intangible right to economically valuable information (Ciminelli) or admissions slots to universities (Abdelaziz).