SPAC Auditor’s Work Riddled With Failures, US Regulators Say (2)

Marcum LLP will pay $13 million to settle allegations that it frequently shirked rules in its rise to become a top auditor for special purpose acquisition companies.

US securities and auditing watchdogs on Wednesday said that a significant proportion of SPAC audits performed by Marcum had widespread failures and deficiencies. The firm, which is also known for working with several prominent crypto firms, was widely considered the go-to auditor in the once white-hot market for blank-check companies.

Securities and Exchange Commission Chair Gary Gensler, who has frequently criticized the blank-check firms as a regulatory end run, said Marcum put ...