CNN reports, BF Borgers, Trump Media & Technology Group’s independent accounting firm, was charged by the Securities and Exchange Commission on Friday with widespread fraud impacting more than 1,500 filings.
The SEC made no allegation of wrongdoing against Trump Media, which is not mentioned in the charges from the regulator.
The SEC accused BF Borgers of “deliberate and systemic failures,” including “fabricating” audit documentation and falsely representing to clients its work would comply with accounting standards. The agency described this as “massive” fraud taking place between January 2021 and June 2023.
Is that true or are they going to do to Trump’s company what they do to Elon Musk’s?
Although Trump Media may be the highest profile client of BF Borgers, the firm had 350 clients during this time period subject to SEC rules, according to the agency.
The SEC review only focused on public companies, meaning BF Borgers’ work for Trump Media when it was private was not included.
The SEC said in the press release that to settle the charges, BF Borges agreed to pay a $12 million civil penalty and its owner Benjamin Borgers agreed to pay a $2 million penalty.
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