Scolaro, Joseph A. of Rockville, MD

Under the automatic disciplinary provisions of the Institute’s bylaws, Mr. Scolaro’s AICPA membership was terminated, effective September 15, 2016, in connection with the disciplinary action taken by the Securities and Exchange Commission (SEC). Specifically, through an “Offer of Settlement”, the SEC, denied Mr. Scolaro the privilege of appearing or practicing before the Commission as an accountant with the right to apply for reinstatement after five years from the effective date of the SEC’s Order for repeated failures, in connection with his firm’s examinations of client funds and securities of which a registered investment adviser has custody pursuant to Section 206(4) of the Advisers Act and Rule 206(4)-2 thereunder. In particular, Mr. Scolaro engaged in improper professional conduct when completing the 2010 and 2011 Examinations, and for twice filing reports on Forms AVD-E that contained untrue statements of material facts regarding the Examinations.