Trump Media's accounting firm faces allegations of severe deceit.
The Securities and Exchange Commission (SEC) didn't accuse Trump Media of any wrongdoing. The SEC, however, accused BF Borgers of significant failures, such as fabricating audit documentation and falsely claiming its work met accounting standards. This alleged fraud happened between January 2021 and June 2023.
Currently, Trump Media lists BF Borgers as its independent auditor. BF Borgers served as Trump Media's independent registered accounting firm before its initial public offering in March 2021, and Trump Media's audit committee approved Borgers as its public company's accounting firm a month later.
Despite Trump Media being a high-profile client of BF Borgers, the firm had 350 clients subject to SEC rules during this time. The SEC's review examined only public companies, so Borgers' work for Trump Media when it was private was not considered.
Neither Trump Media nor BF Borgers responded to requests for comment.
In the press release, the SEC stated that BF Borgers agreed to pay a $12 million civil penalty, and its owner, Benjamin Borgers, agreed to pay a $2 million penalty to settle the charges.
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Source: edition.cnn.com
