From our private database of 14,100+ case briefs...
Securities and Exchange Commission v. Apuzzo
United States Court of Appeals for the Second Circuit
689 F.3d 204 (2d Cir. 2012)
Joseph Apuzzo (defendant) was the chief financial officer of the Terex Corporation (Terex). A second company, United Rentals, Inc. (URI), had a chief financial officer named Michael Nolan. With the help of Apuzzo, Nolan and URI carried out two fraudulent transactions that allowed URI to earn revenue prematurely and, by that means, inflate the profit generated by URI’s sales. Through an indemnification agreement, URI retained the risks and reward of ownership of the equipment that URI stated had been sold. This violated generally accepted accounting principles (GAAP). Apuzzo recognized that if these transactions came to light, URI would not be able to claim increased revenue. Consequently, Apuzzo executed agreements that disguised URI’s involvement. Apuzzo also approved inflated invoices from Terex. The Securities and Exchange Commission (SEC) (plaintiff) brought suit against Apuzzo, alleging that Apuzzo had aided and abetted violations of securities laws through his role in the scheme. The district court granted Apuzzo’s motion to dismiss, finding that the SEC’s complaint did not allege substantial assistance by Apuzzo. The SEC appealed.
Rule of Law
Holding and Reasoning (Rakoff, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 218,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,100 briefs, keyed to 189 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.