SEC Charges New Jersey-Based Company and Founder for Impermissible Association with Barred Auditor
April 19, 2018
File No. 3-18442
April 19, 2018 – The Securities and Exchange Commission announced findings today that a Freehold, New Jersey-based company and its founder and sole officer violated or caused violations of the Sarbanes Oxley Act of 2012, which prohibits auditors barred from association with a registered public accounting firm from associating with corporate issuers in an accountancy or financial management capacity. According to the SEC’s order, Medifirst Solutions, Inc. violated, and Bruce J. Schoengood caused violations of, SOX Section 105(c)(7)(B) by permitting David A. Aronson, CPA to act in an accountancy or financial management capacity for Medifirst Solutions after the PCAOB had permanently revoked the firm’s registration and barred Aronson from being associated with a registered accounting firm.
Without admitting or denying the findings, Medifirst and Schoengood agreed to cease and desist from violating SOX Section 105(c)(7)(B) and Schoengood agreed to pay a $22,500 civil penalty.
The SEC’s investigation was conducted by Margaret Vizzi and supervised by Elisha L. Frank. Russell Koonin assisted the investigation.