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The US Securities and Exchange Commission (SEC) shut down auditor BF Borgers, described by the Financial Times as "one of the most prolific auditors of US public companies," over allegations of "massive fraud" that affected more than 1,500 SEC filings, the agency announced on Friday.

Borgers agreed to a $12 million civil penalty, while owner Benjamin Borgers agreed to pay $2 million to settle the SEC's charges. The company has also agreed to permanent suspensions from practicing as accountants on SEC filings, effective immediately.

According to the SEC, a "significant" number of listed companies will have to switch accountants in the coming days due to the enforcement action.

Clients include Trump Media.

"Trump Media looks forward to working with new auditing partners in accordance with today's SEC order," a spokesperson for Trump's media company told Reuters in an email.

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Borgers has also acted for fintech and crypto companies, and many other small issuers, SEC filings show.

According to the SEC, Borgers did not properly prepare and maintain audit documentation, fabricated audit planning meetings, and in some cases simply passed off previous audits for the current audit period.

Of 369 BF Borgers clients whose filings from January 2021 through June 2023 incorporated BF Borgers's audits and reviews, at least 75% incorporated audits that did not comply with the SEC's rules.

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According to SEC Enforcement Division Director Gurbir Grewal, "Ben Borgers and his audit firm, BF Borgers, were responsible for one of the largest wholesale failures by gatekeepers in our financial markets."


https://www.zerohedge.com/political/massive-fraud-sec-shuts-down-prolific-auditor-bf-borgers-whose-clients-include-trump

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[url=https://www.zerohedge.com/political/massive-fraud-sec-shuts-down-prolific-auditor-bf-borgers-whose-clients-include-trump][/url]
Investor confidence something, something.......


At some point people might want to ask if those companies knew that BF Borgers accountants would pencil whip a favorable audit for them.

This has nothing to do with Trump

In reply to Sid Farkas This has zero to do with Trump. They have been pretty well known to be shady and this has been a long time coming. I also doubt too many people were surprised that Trump Media had chosen to use them.

So the SEC will scour this auditor's documentation, with special emphasis on Trump media.

Then they cut him a sweetheart deal, if he swears under oath that Trump personally knew about, and encouraged fraudulent behavior.

As Alvin bragg's office has shown, all you need is salacious allegations to bring charges.

In reply to captkirk

captkirk said:

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This has nothing to do with Trump

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That doesn't matter.

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On March 28, 2024, the audit committee of the Board approved the engagement of Borgers as our independent registered public accounting firm to audit our consolidated financial statements effective immediately after the filing of this Report for the fiscal years ended December 31, 2023 and 2022, which consists only of the accounts of Digital World. Borgers served as the independent registered public accounting firm of Private TMTG prior to the Business Combination. Adeptus, the independent registered public accounting firm for Digital World prior to the Business Combination and the current auditor of TMTG, was informed that it will be dismissed as the auditor of TMTG immediately upon the filing of this Report.

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They only recently hired them, so very unlikely any issues with SEC filings related to Borgers