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.
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