Government Investigations & White Collar Crime

Contact: Herrick, Feinstein LLP (New York, New York, USA)

On August 8, 2012, the Second Circuit issued an important clarification regarding the statutory authority of the U.S. Securities and Exchange Commission (“SEC”) to charge aiding

and abetting liability in civil enforcement actions in U.S. Securities and Exchange Commission v. Apuzzo. Specifically, the Second Circuit held that the SEC is not required to plead or prove that the alleged aider and abetter’s actions proximately caused the primary violation. Instead, the test for “substantial assistance,” one of three elements that the SEC must plead in order to properly allege that an individual aided or abetted a violation of... : : Click Here to Read More