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In a case that alters the landscape of aider and abettor liability, the 2nd Circuit has just made it easier for the Securities and Exchange Commission (SEC) to civilly prosecute aiders and abettors of securities fraud by clarifying the standard for “substantial assistance.” According to the court’s logic, because the goal of SEC enforcement actions is deterrence, not compensation of a specific injured individual, the more strict proximate cause standard for civil plaintiffs should not be used to create a road bump in the SEC’s path.

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