The American stock exchange watchdog SEC accuses accountant BF Borgers CPA of large-scale fraud. This included the auditor of Donald Trump’s social media company. The company and founder Benjamin Borgers have been permanently suspended by the SEC. They must also pay a settlement totaling $14 million.
“Borgers and its audit firm were responsible for one of the largest gatekeeping failures in our financial markets,” the SEC said in a statement. “Because investors rely on audited financial statements when making an investment decision, auditors responsible for auditing play a critical role in the financial markets. Borgers and his company have completely abandoned that role, but thanks to the meticulous work of the SEC staff, they are now permanently inactive.” The company has not yet responded.
Trump Media & Technology Group Corp. says in turn that it will look for a new auditor. It was Borgers’ largest customer, but the SEC did not clarify whether there was fraud in its annual accounts.