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A series of tweets from various users have raised serious allegations against $RILY, accusing the firm of stock manipulation, poor investment decisions, and potential fraud related to the hiding of a defaulted loan in the $FRG deal. Critics point to the company's reliance on Marcum LLP for auditing, questioning Marcum's expertise and highlighting recent scrutiny from regulatory bodies over its audits of SPACs. The situation is further complicated by claims of $RILY's insolvency due to bad investments and the SPAC market's downturn. The controversy has sparked discussions about the integrity of financial audits and the potential consequences for $RILY and Marcum LLP.
Food for thought with $RILY from a follower; "I pulled 39 "peer" firms from this software None of these firms use Marcum as an auditor Does Marcum truly have expertise to audit? " @FriendlyBearSA @AureliusValue @unemon1 What exactly is it with @MarcumLLP
The SEC, and PCAOB, slam Marcum LLP over SPACs, but it's too little way, way too late.. Clearly @MarcumLLP didnt learn their lesson $RILY @FriendlyBearSA @AureliusValue @unemon1 https://t.co/eWyf7Ypnfc
This becomes very problematic for $RILY and @MarcumLLP LaRocca is over his Head even if he had to Audit Charley The Tuna.. and $RILY will fail like all of the other Garbage he audited. @FriendlyBearSA @AureliusValue https://t.co/7e6pZnzd6e