miles nadalMiles Nadal, founder/CEO of MDC Partners, has quit the ad/PR combine amid the continuing Securities and Exchange probe into his expenses.

He has agreed to repay the firm an additional $1.88M on top of the $8.6M already paid to reimburse expenses.

"I am leaving the company in a strong position, with brilliant partners, exceptional talent, dedicated employees, wonderful clients, a strong shareholder base, and an incredible culture and reputation as ‘the place where great talent lives,’" Nadal said in a statement. “I have every confidence that the company’s deep leadership team will build on this strong foundation in the years ahead.”

Michael Sabatino, chief accounting officer also has resigned, agreeing to repay MDC $208,535 in cash bonus payments.

Neither Nadal nor Sabatino will receive further compensation or severance.

Scott Kauffman, presiding director on MDC’s board since 2012, succeeds Nadal at the helm.

He's an advertising technology veteran and former chairman/CEO of AdKnowledge, Coremetrics and Lotame.

MDC owns Sloane & Co., Hunter PR, Kwittken, LuntzGlobal and Allison + Partners.