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Marcum Helps Provide Nearly 20,000 Meals to Hospital Workers

To recognize the contributions of the nation’s health care professionals during the COVID-19 pandemic, New York-based Marcum LLP, an IPA 100 firm, teamed up with nationwide restaurant group BurgerFi to deliver meals to front-line hospital workers and first responders in areas hit hard by the virus.

Beginning May 14, thousands of meals were delivered in New York and to 60 hospitals in other affected areas including Philadelphia, Bethesda, Md., and South Florida, including select VA hospitals during the week of Memorial Day. In all, nearly 20,000 meals were delivered over a 17-day span.

“The COVID-19 crisis has undoubtedly impacted all of us in some way, and joining forces with BurgerFi enabled us to make powerful things happen for those working so selflessly under extremely difficult conditions,” says Shaun Blogg, chairman of the Marcum Foundation and OMP of the firm’s West Palm Beach, Fla., office. “We are so proud of this collaboration to make sure our front-line health care workers are taking care of themselves while they take care of others, and to help put a smile back on their faces.”

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6 Promoted in Skoda Minotti-Marcum Merger

New York-based Marcum (FY18 net revenue of $549.7 million) announces the promotion of six key executives in its Midwest region into local, regional and national leadership roles.

The move elevates business leaders who joined Marcum through the firm’s merger in December 2019 with Cleveland-based Skoda Minotti (FY18 net revenue of $59.4 million). The firm added 31 partners, more than 190 associates, and four offices as a part of the combination.

The promoted executives are:

  • Patrick Carney, who will become Marcum’s Midwest COO.
  • Alyson Fieldman, who will step into the role of Marcum’s chief marketing strategy officer.
  • Danielle Gisondo, who will become OMP of the Mayfield Village, Ohio, office.
  • Ken Haffey, who will serve as PIC of national M&A.
  • Laura Rohde, who will become the chief learning officer at Marcum.
  • Heidi Williams, who will join Marcum Search as executive vice president.

“These talented professionals have helped shape Skoda Minotti and we are grateful to provide them with the opportunity to continue their legacy of success on the national level,” says Greg Skoda, senior partner at Marcum.

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Marcum Appoints Gary Sturisky to Lead National Advisory Practice, Admits 8 New Partners

Gary Sturisky

New York-based Marcum (FY18 net revenue of $549.7 million) announced that Gary Sturisky has been appointed to lead the firm’s national advisory practice. In addition, eight new partners have been admitted to the firm.

The national advisory practice encompasses strategic consulting services across all Marcum service lines and industry groups.

Sturisky is responsible for the integration of all non-compliance consulting services firmwide. He heads a senior leadership team representing valuation, forensic and litigation services; tax advisory services; financial advisory services; transaction and integration advisory services; managed services; and technology consulting.

Prior to his Marcum appointment, Sturisky was a senior partner and the global private equity advisory leader at a Big 4 accounting firm.

Also, Jimmy Pappas joined Marcum and was admitted as partner and national leader of forensic advisory services. Based in Boston, Pappas advises legal counsel, management and boards of directors on accounting, internal control and complex financial matters related to internal investigations, civil and criminal litigation, and corporate governance. He also testifies before the SEC in accounting, fraud and corruption, and economic damages matters.

Additionally, the following new partners have been admitted in six Marcum regions:

  • Mary Antonetti – tax and business services, New Haven, Conn.
  • Sara Carlson – technical review and quality control group, Chicago
  • Benjamin Dailey – tax and business services, Portland, Maine
  • Stanley W. Farmer ­– assurance services, Houston
  • Qiqi Wei – assurance services, San Francisco
  • Taylor West – advisory services, Houston
  • Qasim Zaidi – assurance services, Philadelphia

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Marcum Opens Downtown Cleveland Office

Following its merger with Cleveland-based Skoda Minotti (FY18 net revenue of $59.4 million), New York-based Marcum (FY18 net revenue of $549.7 million) recently opened a new downtown Cleveland office at Fifth Third Center on 600 Superior Ave.

The merger added nearly 200 professionals and three offices, two of which are located in northeast Ohio. The firm now has three Ohio offices: downtown Cleveland, Mayfield Village and Akron. The expansion into downtown Cleveland was planned prior to the two firms merging.

“Our clients continue to rely on us as a key business partner to fuel their growth and success. As these client relationships expand, our firm continues to grow as a result,” says Gregory Skoda, senior partner. “Our expansion into downtown Cleveland is a milestone for us – it puts our professionals within close proximity of many downtown clients, which helps us serve them more effectively and it underscores our commitment to strengthening our region as a whole.”

OMP of the new office, Jonathan Shoop, says, “In addition to servicing clients more effectively, our new downtown location will allow us to grow our robust events program as well as strengthen our ability to attract, recruit and retain top talent – especially among the new generation of professionals in their 20s and 30s.”

Nearly 30 employees from existing Marcum offices in the region have relocated to the new downtown Cleveland location and an additional 20 new hires are planned.

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Marcum-Skoda Minotti Merger Becomes Final

The merger of Cleveland-based Skoda Minotti (FY18 net revenue of $59.4 million) and New York-based Marcum (FY18 net revenue of $549.7 million) became official December 2.

Skoda Minotti adds 31 partners, more than 190 associates and four offices to Marcum’s Midwest and Florida regions. It is ranked No. 74 on the 2019 IPA 100 list of largest accounting firms in the U.S. and was named an IPA Best of the Best firm this year as well.

Skoda Minotti’s national practices in risk advisory, strategic marketing, transaction advisory and management consulting will expand Marcum’s services in those areas, Skoda Minotti announced. Marcum, the 15th largest accounting firm in the country, will be gaining additional experts in the real estate, construction, manufacturing and distribution, professional services and health care sectors.

“Like Marcum, Skoda Minotti has a long history of entrepreneurship, both in its commitment to being an integral contributor to its clients’ success and in evolving its own business model,” says Marcum CEO and chairman Jeffrey Weiner. “Skoda Minotti brings a deep bench of talent and experience to Marcum and will be an intrinsic part of our continued growth and success.”

Gregory Skoda, who co-founded Skoda Minotti, has been admitted as a senior partner and joins the firm’s executive committee. “The synergies between our firms provide a strong foundation for our continued mutual success and growth,” he says.

The Marcum Group companies include Marcum, Marcum Technology, Marcum Search, Marcum Staffing, Marcum Financial Services, Marcum Wealth Management, Marcum Bernstein & Pinchuk and Marcum RBK Ireland

Marcum’s new Akron, Ohio, office will be led by Christopher Sivak and the Tampa, Fla., office will be led by Daniel Dowell. Danielle Gisondo will lead the firm’s Mayfield Village, Ohio, office and Jonathan J. Shoop will lead the new downtown Cleveland office when it opens in January 2020. Skoda Minotti’s Patrick Carney will become COO of Marcum’s Midwest region.

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Marcum LLP Merges in CPA Consulting Group in Nashville

New York-based Marcum LLP (FY18 net revenue of $549.7 million) has announced a merger with CPA Consulting Group of Nashville, effective Nov. 1.

The firm adds two partners and 15 associates to Marcum’s Nashville office. Cathy Werthan, CPACG president, becomes Marcum’s Nashville OMP.

CPACG was a full-service accounting firm providing a full range of professional, technical, consulting and business services to individuals and business clients in more than a dozen industries, including real estate; law; architecture, engineering and construction; creative services; and medicine and dentistry, among others. Services encompassed accounting, tax, valuation and financial planning.

“Cathy Werthan and Bryan Jones have built an exceptional team with deep roots locally and regionally. They will be great stewards of our combined growth and expanded service portfolio to our Nashville clients,” says Jeffrey Weiner, Marcum’s chairman and CEO.

“We have long been aware of Marcum’s strength in the middle-market and see tremendous synergies between our firms, particularly given Marcum’s focus on construction in Nashville, which is a great complement to our design-build client portfolio,” Werthan says.

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PCAOB Sanctions Marcum LLP for Auditor Independence Violations

The PCAOB has settled disciplinary proceedings against New York-based Marcum LLP (FY18 net revenue of $549.7 million), Marcum Bernstein & Pinchuk and Alfonse Giugliano, the senior partner responsible for Marcum’s independence policies and procedures.

Marcum has a 50% ownership interest in Marcum Bernstein & Pinchuk, provider of SEC audit, accounting and consulting services to Chinese companies listed in the U.S. capital markets.

The violations involve the firms’ annual Microcap Conference and China Conference, which is designed to bring together investors and companies looking for investment. According to the PCAOB, “from 2012 through 2015, Marcum and two senior partners made public statements advocating the investment potential of the companies presenting at its annual Microcap Conference, 62 of which were the firm’s issuer audit clients.”

Also, in 2013 and 2014, Marcum Bernstein & Pinchuk advocated the investment potential of the companies participating in its China Conference, seven of which were the firm’s issuer audit clients. Giugliano approved Marcum LLP’s conference “without performing any substantial independence analysis,” PCAOB says.

This is the first time the board has sanctioned a CPA firm and its head of independence for publicly advocating its audit clients as investment opportunities. Another first is the PCAOB’s mandating of an independent consultant to evaluate auditor independence at the two firms.

The PCAOB orders say that success of the two conferences depended on companies perceiving them as good ways to connect with potential investors, and on potential investors perceiving them as a good opportunity to find high-quality investment opportunities. And yet, at the same time, the firms had issued audit reports on the financial statements of some of the presenters.

In the case of the MicroCap conference, the PCAOB says Giugliano approved the conference, and gave “limited advice” that Marcum should not be involved in company presentations or one-on-one meetings with investors. He also advised that Marcum should not make positive statements about individual presenting companies. PCAOB, however, says Giugliano failed to consider how an investor relations firm, brought in to market the conference, would tout the investment potential of the presenting companies as a group.

Marcum’s own public statements and marketing also included laudatory statements about the companies, as “some of the most promising emerging growth companies out there today,” in one example.

PCAOB alerted Marcum to possible independence issues with respect to the conference in 2015. The firm removed some positive language about the companies from promotional materials, added a disclaimer to its conference website and changed quality control policies. Marcum subsequently failed to evaluate the effectiveness of those measures, the PCAOB order says.

“As a result, Marcum failed to identify, evaluate or appropriately address a number of issues concerning the 2016 and 2017 conferences that, at the very least, raised questions about the firm’s independence.” PCAOB reported that Marcum sold one of its audit clients a “sponsoring” presenting company designation in 2016 and another client was sold a “premium” presenting company designation the next year without performing an independence review.

Additionally, Marcum provided press release templates to presenting companies, including the audit clients. “A number of Marcum’s issuer audit clients issued press releases that included Marcum’s suggested language, thereby using the conference’s reputation and association with their auditor to promote themselves to investors,” according to the PCAOB order.

Penalities are $450,000 for Marcum, $50,000 for Marcum Bernstein & Pinchuk and $25,000 for Giugliano. Marcum LLP and Marcum Bernstein & Pinchuk must additionally hire an independent consultant to review its policies, procedures, staffing and training related to auditor independence.

Marcum LLP Admits 16 to Partner

New York-based Marcum LLP (FY18 net revenue of $549.7 million) announced that 16 associates have been admitted to partnership, effective Sept. 1.

Jeffrey Weiner, chairman and CEO, says, “We have an especially robust class of new partners this year, each of whom brings exceptional experience, dedication, and talent to our management team. They will all play an essential role in shaping the future of our firm as we continue to evolve to meet our clients’ changing needs, as well in helping steward the future of the accounting industry. I extend my sincere congratulations to each and every one of our new partners and welcome them to Marcum’s leadership team.”

This year’s class of new Marcum partners includes the following professionals:

  • Nick Antonian, assurance services, Los Angeles
  • Moises Ariza, assurance services, Miami
  • Anthony Basile, assurance services, Melville, N.Y.
  • Michael Buchheit, assurance services, Philadelphia
  • Andrew Clark, tax & business services, Boston
  • Joseph DeCusati, advisory services, New Haven, Conn.
  • Ashlie Forum, tax & business services, Fort Lauderdale, Fla.
  • John Heilmann, tax & business services, Philadelphia
  • Ali Jahangir Hirji, tax & business services, Melville, N.Y.
  • Matthew Huffner, assurance services, Washington, D.C.
  • Janet Levy, assurance services, New York
  • John McCarthy, assurance services, Boston
  • Jason Moi, assurance services, Boston
  • Patrick O’Brien, assurance services, Nashville, Tenn.
  • Jill Scher, accounting services, Melville, N.Y.
  • Karen Schuler, managed services, Washington, D.C.

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Marcum LLP Acquires OGH CPAs & Advisors

Jeffrey Weiner

New York-based Marcum LLP (FY18 net revenue of $549.7 million) announced that it has acquired OGH Certified Public Accountants & Advisors of Coral Gables, Fla., adding two partners, 17 associates and a second office in the Miami area.

OGH was a full-service CPA firm offering assurance, tax and accounting, consulting and property management services to clients in 10 industry sectors. The firm focused primarily on real estate developers, construction companies and real estate investors; export and wholesale distributors; and domestic and international tax services.

OMP Hiram D. Ocariz says joining Marcum means the team will be able to access national resources for its clients, “while having the opportunity to deepen the bench of talent in Marcum’s South Florida region.”

Jeffrey Weiner, Marcum CEO and chairman, says, “OGH’s strong position in a gateway city to the global economy, industry specialization, and culture based on integrity, excellence, strong client relationships and measurable results make OGH a perfect fit for Marcum.”

Michael Balter, MP for Marcum’s Southeast region, says, “OGH’s focused expertise is an additional asset in several of Marcum’s core industry groups, while also bringing experience in several new industries to our South Florida region.”

In addition to the two Miami offices, Marcum also has Florida offices in Fort Lauderdale and West Palm Beach.

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Marcum Merges in The Abrix Group

Thomas Frank

New York-based Marcum (FY18 net revenue of $549.7 million) expanded further into the Midwest by merging in The Abrix Group of Northbrook, Ill.

Abrix, a business management and accounting firm focused exclusively on the health care industry, adds four partners and 22 associates to Macum’s Illinois offices.

Abrix specialized in helping medical and dental practices with their organizational, business and financial issues, as well as the business and personal needs of individual practitioners. The firm’s services included tax, accounting, business development, regulatory issues, Medicare fraud and abuse, practice mergers, practice valuations, profit formulas, and retirement planning and administration.

“Abrix’s unique expertise in the nuances of medical and dental practice management will be an additional asset to our health care clients regionally and nationally, as we continue to grow our presence in the Chicago area,” says Cary Buxbaum, Marcum’s regional MP in Illinois.

“It is a tremendous opportunity for our firm to be able to bring the national resources of Marcum to our clients, while bringing a specialized focus on the practice side of the health care industry into their service mix,” says Thomas Frank, Abrix MP.

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