August 20, 2012

In SEC v. Apuzzo, Second Circuit Clarifies “Substantial Assistance” Standard for SEC Aiding and Abetting Claims

Summary: An August 8th Second Circuit decision meaningfully lowers the bar for liability in Securities and Exchange Commission (SEC) enforcement actions based on aiding and abetting theories. Parties who assist in transactions designed primarily to enhance financial reporting should be wary of the SEC’s increased ability to civilly prosecute aiders and abettors.

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