SEC fines former Marcum partner for causing control failures
By 
Jeff Dale2023-09-12T17:02:00
An ex-partner at Marcum agreed to pay $75,000 to settle charges by the Securities and Exchange Commission (SEC) he failed to remediate numerous quality control deficiencies magnified by the audit firm’s special purpose acquisition company (SPAC) client boom.
Alfonse Gregory Giugliano, a former national assurance services leader at Marcum, agreed to cease and desist from further violations; a censure; and a three-year ban from serving in leadership, management, oversight, or supervisory positions at any registered public accounting firm, the SEC announced in a press release Tuesday.
Marcum was fined $13 million in June by the SEC and Public Company Accounting Oversight Board (PCAOB) over alleged quality control and supervision failures stemming from its work with SPAC clients. Giugliano caused these failures, the SEC claimed.
Related articles
-
News Brief
Ex-Marcum partner suspended by SEC over Ault Alliance work
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.
-
News BriefMarcum fined $13M for control failures magnified by SPAC client boom
Marcum agreed to pay $13 million in penalties levied by the Securities and Exchange Commission and Public Company Accounting Oversight Board for alleged quality control failures stemming from the audit firm’s work with special purpose acquisition company clients.
-
News BriefMarcum partner accused of PCAOB standard violations at FTE Networks
Marcum partner Alan Markowitz was accused of violating standards of the Public Company Accounting Oversight Board when he took a client’s false representations at face value during an audit without seeking more information.
More from Regulatory Enforcement
-
ArticleFormer Credit Suisse compliance officer charged with money laundering
A compliance officer is facing charges for laundering $7 million in a complex legal case in Switzerland. Swiss prosecutors have charged Credit Suisse, and one of its former employees, with failing to maintain adequate controls.
-
News BriefCFPB humility pledge reshapes exam process, as agency faces uncertain future
The U.S. Consumer Financial Protection Bureau’s Supervision Division introduced a new “humility pledge” last month that examiners will read aloud at the start of each oversight engagement. It’s another shift in how the organization handles itself under the Trump administration.
-
ArticleSan Francisco firm pays $11.4M for alleged Russia-related sanctions violations
A San Francisco-based private equity firm has agreed to pay $11.4 million to settle allegations it violated U.S. sanctions rules by handling investments for a sanctioned Russian oligarch.