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Violation Tracker Individual Record

Company: Marcum LLP
Penalty: $10,000,000
Year: 2023
Date: June 21, 2023
Offense Group: financial offenses
Primary Offense: accounting fraud or deficiencies
Violation Description: The Securities and Exchange Commission charged audit firm Marcum LLP with systemic quality control failures and violations of audit standards in connection with audit work for hundreds of special purpose acquisition company (SPAC) clients beginning at the latest in 2020. The SEC's order also found that Marcum's deficiencies were not limited to SPAC clients, but they reflected systemic quality control failures throughout the firm. Marcum agreed to pay a $10 million penalty to settle the charges.
Level of Government: federal
Action Type: agency action
Agency: Securities and Exchange Commission
Civil or Criminal Case: civil
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.