The US Securities and Exchange Commission (SEC) has accused an accounting firm hired by Trump's media and technology group just 37 days ago of "massive fraud".
The SEC accused accounting firm BF Borgers and its owner Benjamin F. Borgers of "willful and systematic misconduct" in more than 1,500 audits.
As part of the settlement of the charges, BF Borgers agreed to pay a $12 million fine and its owner agreed to pay a $2 million fine, according to an SEC statement.
An auditor associated with former President Donald Trump's Trump Media Inc. faces serious charges of engaging in fraud and illegal auditing practices, the top U. S. financial regulator (SEC) said Friday.
BF Borgers, a company that provides services to clients like Trump Media, and its owner Benjamin Borgers were charged by the SEC in a fraudulent scheme that affected more than 1,500 documents filed with the SEC According to SEC documents, Borgers is a financial audit specialist. He has also represented technology and #cryptocurrency companies.
According to the company's most recent annual report, B. F. Borgers was appointed as Trump Media's auditor on March 28. During that period, it was revealed that BF Borgers was also auditing before the company's public debut through a merger with Digital World Acquisition Corp, a heavily funded paper company.
BF Borgers agreed to pay a $12 million civil penalty and Benjamin Borgers agreed to pay a $2 million civil penalty to settle the SEC's civil charges. They also agreed to be permanently suspended as accountants after filing with the SEC.
It soon became clear which documents and firms were affected.
One of them left the company in July 2023 and the other was fired by the board in March.
Trump Media said in a statement that it looks forward to working with new audit partners to comply with the SEC's recent order.
BF Bogers' unethical practice was to duplicate prior year audit documents, change key dates, and file them as current documents.
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