Washington (EFE).- The United States Securities and Exchange Commission (SEC) this Friday accused Trump Media’s auditing company and its owner of “massive fraud” for failures in more than 1,500 reports submitted to said regulator. federal, for which they were permanently disqualified with immediate effect.
The affected auditor, BF Borgers CPA, and its owner, Benjamin Borgers, were suspended from practicing as accountants before the SEC, according to the regulator in a statement, which adds that those named agreed to collectively pay a total of $14 million in sanctions, without admitting or denying the accusations.
According to the aforementioned statement, the SEC accused BF Borgers of “deliberate and systematic failures,” including “fabricating” audit documentation and falsely representing clients – including Trump Media – that its work complied. with the rules.
The US Government agency estimated that the fraud took place 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 companies.
The affected reports are periodically filed with the SEC with the purpose of providing information to investors and analysts so that they can evaluate companies that have shares listed on the public markets.
New auditing company
SEC Enforcement Division Director Gurbir Grewal stated that “Borgers and its mock audit have been permanently shut down,” according to the statement.
The media and technology company Trump Media, founded in January 2021 and whose majority shareholder is former US president and Republican candidate Donald Trump, has already announced plans to hire a new auditing company.
Trump Media encompasses the social network founded by the former president, called Truth Social.
