SEC shuts down Trump Media auditor, BF Borgers, over fraud

“The US regulator charged the firm, BF Borgers, and its founder, Ben Borgers, on Friday with falsely representing to clients that its audit work would comply with US standards, and fabricating documentation…

Without admitting or denying the SEC’s findings, the firm has agreed to pay a $12mn penalty and Ben Borgers to pay $2mn. Ben Borgers did not immediately respond to a request for comment…

Borgers has expanded rapidly to become auditor to hundreds of small and microcap companies — including the former US president’s Trump Media & Technology Group — but the SEC said that three-quarters of its audits were faulty…

www.ft.com...





Starting a New Thread ?... Look Here First.

Looks like another "Let's Target Trump" paid off deal. I wonder who was behind this one. 😉

a reply to: ByeByeAmericanPie

How is this about Trump?

a reply to: ByeByeAmericanPie

Dodgy lawyers and now dodgy auditors , Trump sure does seem have some bad luck.

a reply to: ByeByeAmericanPie

So far nobody is on the hook other than the corrupt accounting firm. All the clients, including DJT's companies, have received letters that they need to find a new accounting firm effective immediately.

Looks like they found "massive fraud" between January 2021 and June 2023.

While this may not affect anyone in the short term, it also means all of their businesses have wrong valuations, filings and accounting practices. All of them will likely have to submit new and correct paperwork immediately after hiring a new company.

That is where the problems may come in for others, including the Trump businesses... actual, real accounting and values.

a reply to: Mahogani

While this may not affect anyone in the short term, it also means all of their businesses have wrong valuations, filings and accounting practices.

Isn't that why some firms use companies like that ?

Money money money ..... it's a rich mans world.

originally posted by: xuenchen
Looks like another "Let's Target Trump" paid off deal. I wonder who was behind this one. 😉

If you read the article, it says:

"BF Borgers, Trump Media & Technology Group’s independent accounting firm, was charged by the Securities and Exchange Commission on Friday with widespread fraud and accused of operating a “sham audit mill.”

The SEC made no allegation of wrongdoing against Truth Social owner Trump Media (DJT), which is not mentioned in the charges from the regulator."

You might want to back off on your grievance and victimhood schtick a little bit.

a reply to: RazorV66

This is the auditor DWAC used when setting up the merger with Truth and was then retained by Truth after the merger.

In other words, Truth's financial statements to the SEC may be inaccurate. Until a new accounting firm audits their financials we won't know how far off the initial statements were from the truth.

originally posted by: xuenchen
Looks like another "Let's Target Trump" paid off deal. I wonder who was behind this one. 😉

It's not that Trump did anything wrong, it's that someone he hired did it wrong. And the only way to be sure is doing it again. Is there motivation to turn over rocks until something crawls out? Absolutely. But this is very "by the books" as they say. Protocol insists.

a reply to: Boomer1947

The SEC made no allegation of wrongdoing against Truth Social owner Trump Media (DJT), which is not mentioned in the charges from the regulator."

Then why bring up his name ?

We both know why.

a reply to: ByeByeAmericanPie

The SEC is corrupt to the core. Still, it's possible that they were actually doing their job this time - however extorting millions without admission of guilt is their primary M.O.

Either way it still has nothing to do with Trump.

originally posted by: Boomer1947

originally posted by: xuenchen
Looks like another "Let's Target Trump" paid off deal. I wonder who was behind this one. 😉

If you read the article, it says:

"BF Borgers, Trump Media & Technology Group’s independent accounting firm, was charged by the Securities and Exchange Commission on Friday with widespread fraud and accused of operating a “sham audit mill.”

The SEC made no allegation of wrongdoing against Truth Social owner Trump Media (DJT), which is not mentioned in the charges from the regulator."

You might want to back off on your grievance and victimhood schtick a little bit.

Well good thing they nailed this one before they set-up Trump ! 😃 Damn good thing

a reply to: underpass61

Legalized blackmail and cover up.

Yea right, rolls eyes, Trump is the exception, their one and only customer who they provided honest financial statements for.

Experts are saying to expect the DJT quarterly earnings release to be delayed 60 to 90 days beyond the May 15 deadline…

originally posted by: ByeByeAmericanPie
a reply to: underpass61

Legalized blackmail and cover up.

Yea right, rolls eyes, Trump is the exception, their one and only customer who they provided honest financial statements for.

I said it could be either way. Look at any of the suits the SEC has brought against the cryptocurrency industry. Regardless, you're the one that seems to think it has something to do with Trump.

Borgers has expanded rapidly to become auditor to hundreds of small and microcap companies — including the former US president’s Trump Media & Technology Group — but the SEC said that three-quarters of its audits were faulty…

Hundreds of companies - 3/4 of audits faulty. Trump Media is one company. Out of hundreds. Why aren't the others named?

If you want to be taken seriously you need to explain that without slipping into a TDS rant.

a reply to: underpass61

DJT used a known fraud to prepare their financial statements.

a reply to: ByeByeAmericanPie

Known by who? The charges were brought AFTER he hired them.

Derp

a reply to: underpass61

Your denial is implausible.

Funny how your conspiracy theory critical thinking skills shut down when they need to be applied to DJT.

Oh but I’m the one with TDS? Amirite?

originally posted by: ByeByeAmericanPie
a reply to: underpass61



Funny how your conspiracy theory critical thinking skills shut down when they need to be applied to DJT.

Oh but I’m the one with TDS? Amirite?

I guess trump being anointed by GOD doesn't mean anything to you. Being anointed by GOD means mans laws don't apply!!!

religionnews.com...

a reply to: ByeByeAmericanPie
Your proof is nonexistent

Were the other HUNDREDS of companies whose audits were faulty "in on it" too?
I am asking questions, your "critical thinking" looks a lot more like guessing.
Amirite?

Double derp