Massive Fraud Allegations Against Trump Media’s Accounting Firm Impacting Over 1,500 SEC Filings

At Extreme Investor Network, we strive to bring you the latest and most relevant information in the world of finance. Today, we are discussing the recent accusations made by the Securities and Exchange Commission (SEC) against the auditor of Donald Trump’s social-media company.

According to a Bloomberg report, the SEC has accused BF Borgers CPA PC and its founder, Benjamin Borgers, of massive fraud that affected over 1,500 regulatory filings. As a result, Borgers and his firm will be permanently suspended from practicing as accountants before the SEC and will pay a total of $14 million in fines to settle the probe.

The SEC’s enforcement chief, Gurbir Grewal, emphasized the importance of auditors in the financial markets, stating that Borgers and his firm failed in their role, leading to one of the largest wholesale failures by gatekeepers.

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BF Borgers, one of the most prolific auditors in the US, has had a 100% deficiency rate in its most recent audits reviewed by US regulators. The SEC described false audit work papers, nonexistent work, and fabricated meetings in its order against the firm.

While BF Borgers didn’t immediately respond to requests for comment, Trump Media & Technology Group Corp, one of the firm’s clients, expressed its intention to work with new auditing partners following the SEC’s order.

Trump Media, the former president’s social-media company, has been using BF Borgers’ services since 2022. Despite the regulatory scrutiny faced by the auditing firm in both Canada and the US, it had more than doubled its clients between 2019 and 2021 without adding more staff to handle the workload.

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At Extreme Investor Network, we understand the importance of staying informed about financial developments that can impact investments and business decisions. Stay tuned for more updates and insights on the ever-evolving world of finance.

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