- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
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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.
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.
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