WASHINGTON (EFE).- The US Securities and Exchange Commission (SEC) on Friday accused the audit firm of Trump Media and its owner of committing “large-scale fraud” due to failures in more than 1,500 reports submitted to the aforementioned federal regulator, due to which they were permanently… He has been excluded with immediate effect.
The affected auditor, BF Borgers CPA, and its owner, Benjamin Borgers, have been suspended from serving as accountants before the Securities and Exchange Commission, the regulator said in a statement, which adds that the named individuals agreed to pay a total of $14 million in penalties collectively. Without admitting or denying the accusations.
According to the aforementioned statement, the SEC accused BF Borgers of committing “deliberate and systematic failures,” including “fabricating” audit documents and falsely representing clients — including Trump Media — that its business was in compliance with the rules.
The US government agency estimated that the fraud occurred between January 2021 and June 2023, affecting more than 500 public companies that had hired BF Borgers and will now have to find new accounting firms.
Affected reports are periodically filed with the Securities and Exchange Commission for the purpose of providing information to investors and analysts so they can evaluate companies with shares listed on the public markets.
New audit firm
“Borgers and its bogus audit have been permanently shut down,” SEC Enforcement Division Director Gurbir Grewal said, according to the statement.
Media and technology company Trump Media, which was founded in January 2021 and whose majority shareholder is former US President and Republican candidate Donald Trump, has announced plans to hire a new audit firm.
Trump Media includes the social network founded by the former president, called Truth Social.
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