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.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
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
-
News BriefFRC fines PwC, auditor combined $4.1M over 2019 work of Wyelands Bank
The U.K. Financial Reporting Council issued penalties against PwC and a former auditor over deficiencies on work related to the 2019 financial statements of now shuttered Wyelands Bank.
-
News BriefDOJ fines MORSE Corp $4.6M for lax cyber controls amid crack down on federal contractors
Yet another government contractor has been slapped with a fine by the Department of Justice for applying lax cybersecurity defenses on sensitive government data.
-
News BriefEU regulator questions 'culture of compliance' with Digital Markets Act at Apple, Google
The European Commission released its preliminary findings last week regarding Apple and Google not complying with the Digital Markets Act. It issued orders to both companies regarding their business practice and plans to release all of its findings next week.