Former Terex CFO accused of fraud

Joseph F. Apuzzo, former chief financial officer of Terex, has been accused of taking part in a fraudulent accounting scheme with United Rentals.

Michael J. Nolan, United Rentals’ former chief financial officer, filed false financial statements thereby inflating the company’s earnings per share for 2000. This resulted in Nolan profiting $11 million.

Nolan pleaded guilty to criminal charges and will face a prison sentence, fine and restitution.

Apuzzo’s alleged involvement was recognizing revenue from year-end sales of equipment to United Rentals prematurely, which improved Terex’s financial holdings.

Apuzzo has not been charged.