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Securities Regulation Keyed to Cox
Securities and Exchange Commission v. Apuzzo
Citation:
689 F.3d 204 (2012)Facts
Joseph Apuzzo served as Chief Financial Officer of Terex Corporation during 2000-2002. United Rentals, Inc. (URI), through its CFO Michael Nolan, orchestrated fraudulent sale-leaseback transactions in December 2000 and December 2001 to inflate revenue recognition. In these transactions, URI sold used equipment to General Electric Credit Corporation (GECC) and leased it back, while Terex agreed to resell the equipment and provide GECC a residual value guarantee of ninety-six percent. URI secretly agreed to indemnify Terex for losses from this guarantee and to purchase substantial new equipment from Terex. Apuzzo negotiated these arrangements, signed separate agreements with GECC and URI that concealed the interlocking nature of the transactions, and approved or knew about inflated invoices designed to hide URI’s indemnification payments to Terex. Apuzzo knew that URI had overvalued the equipment based on Terex’s internal appraisals and that the transaction structure was designed to allow URI to improperly recognize revenue immediately under GAAP by hiding URI’s continuing risks and obligations from URI’s auditors.
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