On Monday, Trump Media & Technology Group, the owner of Truth Social, announced the termination of BF Borgers following allegations of “massive fraud” by US regulators.
Trump Media has announced the dismissal of BF Borgers as its independent registered public accounting firm, a move anticipated and mandated by regulators. The decision came in the wake of the Securities and Exchange Commission charging BF Borgers and its owner with extensive fraud, labeling their operations as a “sham audit mill.”
In response to the SEC’s actions, Trump Media promptly terminated its association with BF Borgers and swiftly appointed Semple, Marchal & Cooper as its replacement.
The filing made by Trump Media clarified that BF Borgers’ audit reports for the company’s financial statements in 2022 and 2023 did not raise any red flags or disagreements over accounting matters.
The necessity of parting ways with BF Borgers was not optional for Trump Media or any other public company employing the firm. The SEC’s directive on Friday mandated all affected public companies to seek new accounting firms.
BF Borgers had previously served as Trump Media’s independent registered accounting firm prior to the company’s public listing in March. However, Trump Media subsequently engaged BF Borgers as its accounting firm upon becoming a public company.
It’s important to note that the SEC’s charges did not implicate Trump Media in any wrongdoing, as the review solely targeted public companies. Consequently, BF Borgers’ work for Trump Media during its private phase was not subject to scrutiny in the SEC’s investigation.
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