Trump Media fires accounting firm after old one accused of being a ‘sham audit mill’

Trump Media fires accounting firm after old one accused of being a ‘sham audit mill’

May 06,2024
New York CNN  — 

Truth Social owner Trump Media & Technology Group announced Monday it fired BF Borgers after US regulators accused the accounting firm of “massive fraud.”

The decision to fire BF Borgers was expected and required by regulators. The accounting firm did not respond to a request for comment.

Trump Media said in a filing that it “dismissed” BF Borgers as its independent registered public accounting firm on Friday. That was the same day the Securities and Exchange Commission charged BF Borgers and its owner with widespread fraud and accused it of operating a “sham audit mill.”

Trump Media said that on Saturday it hired Semple, Marchal & Cooper to replace BF Borgers.

In the filing, Trump Media said BF Borgers’ audit reports on the company’s financial statements for 2022 and 2023 did not contain an adverse opinion and there were no disagreements over accounting matters.

Firing BF Borgers wasn’t optional for Trump Media or any other public company that used the firm. The SEC alerted public companies on Friday they will need to find new accounting firms.

BF Borgers served as Trump Media’s independent registered accounting firm before the company went public in March. Later in March, Trump Media hired BF Borgers as the public company’s accounting firm.

The SEC did not accuse Trump Media of any wrongdoing, nor did it mention the company in its charges. The SEC review only focused on public companies, meaning BF Borgers’ work for Trump Media when it was private was not included.

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