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Trump Media's Accounting Firm Charged With Massive Fraud'
Trump Media's Accounting Firm Charged With Massive Fraud'
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The agency described this as “massive” fraud taking place between January
2021 and June 2023 that impacted more than 1,500 SEC filings and more than
500 public companies.
“Borgers and his sham audit mill have been permanently shut down,” Gurbir
Grewal, director of the SEC’s enforcement division, said in a press release.
Public companies that have hired BF Borgers will need to find new accounting
firms, the SEC alerted companies in a separate statement on Friday.
The SEC review only focused on public companies, meaning BF Borgers’ work
for Trump Media when it was private was not included.
Trump Media is chaired and majority owned by former President Donald Trump,
who is also the most popular user on Truth Social.
Even though Trump Media has achieved a valuation north of $9 billion on Wall
Street, the company generates little revenue and Truth Social remains a
relatively tiny player in the social media world.
Truth Social’s average daily active US users on iOS and Android fell 19% year-
over-year in April to 113,000, according to Similarweb, a data intelligence
company. X, the app formerly known as Twitter, has more than 300 times as
many users.
The SEC found that out of the 369 BF Borger clients whose public filings
incorporated the firm’s audits and reviews, at least 75% did not comply with
accounting standards.
This is hardly the first time BF Borgers or its founder have gotten into trouble.
Trump Media announced in late March that BF Borgers would be its public
accountant.
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