- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-08-14T18:02:00
The U.K. arm of audit firm Crowe agreed to pay $750,000 as part of a settlement with the Securities and Exchange Commission (SEC) for alleged professional care and skepticism failures regarding its 2018 audit of music streaming subscription company Akazoo.
Akazoo reached a $38.8 million settlement with the SEC in October 2021 for allegedly defrauding investors out of tens of millions of dollars related to its 2019 special purpose acquisition company merger. That merger was informed by the 2018 audit, which the SEC faulted Crowe U.K. for not conducting in line with Public Company Accounting Oversight Board (PCAOB) standards.
The SEC on Monday also announced settlments with Crowe U.K. Chief Executive Nigel Bostock, the engagement partner for the Akazoo audit, for $25,000 and Matthew Stallabrass, the engagement quality reviewer for the audit, for $10,000 regarding their alleged failures.
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The Public Company Accounting Oversight Board’s latest batch of 2021 audit inspection reports included a setback in results for Marcum largely related to the firm’s work dealing with special purpose acquisition companies.
Akazoo, a music streaming subscription company based in Greece, reached a $38.8 million settlement with the SEC for allegedly defrauding investors out of tens of millions of dollars related to a 2019 SPAC merger.
The U.K. Financial Reporting Council announced the start of an investigation into audit firm Crowe UK concerning the financial statements of Luxembourg-incorporated on-demand music streaming subscription company Akazoo.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
