The U.S. Securities and Exchange Commission (SEC) on Wednesday slapped Marcum LLP with a $10 million penalty for standards violations and systemic quality control failures in its audit work for hundreds of special purpose acquisition companies, or SPACs.
public, but drew scrutiny from watchdogs and the regulator for concerns over what some saw as less stringent due diligence practices.
"Marcum neglected its essential gatekeeper function in service to its own growth," said SEC Chair Gary Gensler in a statement.In addition to the civil penalty, settlement requires Marcum undertake remedial actions including hiring an independent consultant to review its policies procedures and to abide by certain restrictions when taking on new clients.Thomson Reuters
Chris Prentice reports on financial crimes, with a focus on securities enforcement matters. She previously covered commodities markets and trade policy. She has received awards for her work from the Society for Advancing Business Editing and Writing and the Newswomen’s Club of New York.
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