The SEC has accused accountant BF Borgers CPA of engaging in large-scale fraud, including the auditing of Donald Trump’s social media company. As a result, the company and its founder Benjamin Borgers have been permanently suspended by the SEC and must pay a settlement totaling $14 million.
The audit firm led by Borgers has been criticized for their role in one of the largest gatekeeping failures in the financial markets. Auditors are responsible for ensuring that financial statements are accurate and reliable, but their negligence has led to their suspension.
Trump Media & Technology Group Corp., Borgers’ largest customer, has announced that they will be looking for a new auditor following the accusations made by the SEC. It is unclear whether there was any fraud in the company’s annual accounts. The company has not yet responded to the allegations made against its auditor.
