SEC charges Trump Media auditor with 'massive fraud' on hundreds of companies, imposes lifetime ban

The auditing firm for Trump Media and the auditor's owner were charged with "massive fraud" by the Securities and Exchange Commission for work that affected more than 1,500 SEC filings, the federal regulator announced.

The SEC said the Lakewood, Colorado-based auditor lied to clients by saying its work complied with PCAOB standards, fabricated audit documents to make it seem that the work did comply with those standards, and falsely claims in audit reports included in more than 500 public company SEC filings that the firm's audits complied with such standards.

Three days after the company went public, Trump Media's board approved keeping BF Borgers on as the company's auditors for 2024."Ben Borgers and his audit firm, BF Borgers, were responsible for one of the largest wholesale failures by gatekeepers in our financial markets," SEC Enforcement Division Director Gurbir Grewal said in a statement.

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Trump Media auditor charged by SEC with 'massive fraud,' permanently barred from public company auditsTrump Media, the owner of the Truth Social app, trades under the DJT ticker. Former President Donald Trump is the majority shareholder of the company.
Source: CNBC - 🏆 12. / 72 Read more »