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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-06-21T18:12:00
Marcum agreed to pay $13 million in penalties between settlements with the Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) announced Wednesday addressing allegations of widespread quality control and supervision failures stemming from the audit firm’s significant work with special purpose acquisition company (SPAC) clients.
The SEC fined Marcum $10 million, while the PCAOB added a $3 million penalty—its largest ever imposed against an audit firm that is not a member of a global network. The PCAOB, which is overseen by the SEC, will require Marcum to make functional changes to its supervisory structure related to its system of quality control—a first for the regulator.
The SEC will require Marcum to retain an independent compliance consultant to assess its quality control policies and procedures and placed restrictions on the firm accepting new clients among other disciplinary measures.
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News and analysis for the well-informed compliance or audit exec.
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2023-09-28T17:44:00Z By Kyle Brasseur
A former engagement quality review partner at Marcum agreed to pay a $30,000 penalty and be suspended as part of a settlement with the Securities and Exchange Commission addressing alleged violations of audit standards in his work at diversified holding company Ault Alliance.
2023-09-12T17:02:00Z By Jeff Dale
An ex-partner at Marcum agreed to pay $75,000 to settle charges by the Securities and Exchange Commission he failed to remediate numerous quality control deficiencies magnified by the audit firm’s special purpose acquisition company client boom.
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Digital World Acquisition Corp. faces a penalty of $18 million as part of a settlement reached with the Securities and Exchange Commission regarding fraud allegations related to its dealings with Trump Media & Technology Group.
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RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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