BF Borgers CPA and its owner, Benjamin Borgers, agreed to collectively pay a total of $14 million in fines, although without admitting or denying the allegations.
The U.S. Securities and Exchange Commission (SEC) has permanently disqualified, effective immediately, a major auditing firm, which had Trump Media among its clients, for “massive fraud” in more than 1,500 reports filed with the regulator. federal.
The affected auditing company, BF Borgers CPA, and its owner, Benjamin Borgers, were suspended from practicing accounting before the SEC, the regulator reported this Friday in a statement.
The company and Borgers agreed to collectively pay a total of 14 million dollars in sanctionsalthough without admitting or denying the accusations.
According to the statement, the SEC accused BF Borgers of “deliberate and systematic failures”including “fabricating” audit documentation and making false representations to clients, including Trump Media, that their work complied with regulations.
The North American government agency estimates that the fraud occurred between January 2021 and June 2023, affecting more than 500 companies that had hired BF Borgers and will now have to look for new accounting companies.
The reports in question are periodically submitted to the SEC with the objective of providing information to investors and analysts, so that they can evaluate companies with publicly traded shares.
SEC Enforcement Division Director Gurbir Grewal said “Borgers and his mock auditor have been permanently terminated,” the statement said.
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 Truth Social, founded by the former president.
Source: Observadora
