Trump Media fires auditing firm that US regulators have charged with 'massive fraud'
NEW YORK (AP) — Trump Media and Technology Group, the owner of social networking site Truth Social, has fired an auditor that federal regulators recently charged with “massive fraud.”
The former president’s media company dismissed BF Borgers as its independent public accounting firm on Friday, according to a securities filing — which also notes that Trump Media engaged with Arizona-based accountant Semple, Marchal & Cooper as BF Borgers’ replacement over the weekend.
BF Borgers’ dismissal arrived on the same day that the Securities and Exchange Commission charged the firm and its owner Benjamin F. Borgers with “deliberate and systematic failures” in more than 1,500 audits.
The charges, which include failing to abide by accounting rules and fabricating documentation to cover up its shortcomings, do not involve any work that BF Borgers performed for Trump Media. To settle the charges, BF Borgers and Borgers agreed to pay a combined $14 million in civil penalties as well as permanent suspensions effective immediately, set to prevent them from handling SEC-related matters as accountants.