Securities
Sep. 21, 2012
Holding makes is easier for SEC to prove aiding and abetting liability
A recently decision interprets the element of "substantial assistance" for aiding and abetting liability under the federal securities fraud laws. By David Bayless and Samantha Choe of Covington & Burling LLP
On Aug. 8, the 2nd U.S. Circuit Court of Appeals issued a decision interpreting the element of "substantial assistance" for aiding and abetting liability under the federal securities fraud laws. In SEC v. Apuzzo, No. 11-696-cv (2nd Cir. Aug. 8, 2012), the 2nd Circuit reinstated an accounting fraud case against a former chief financial officer at a heavy equipment maker corporation. Reversing the district court, ...
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