June 10, 2024 - Barron's: Trump Media shares closed down 5.6% on Monday after the social media platform owned by former President Donald Trump submitted an updated inspection of its finances by a new public accounting firm. [Truth Media lost $58 million last year and is still up 140.5% so far this year.]
Its new independent auditor, Semple, Marchal & Cooper LLP, filed an amended audit covering calendar years 2022 and 2023 and amending a previous one filed on April 15.
Trump Media replaced its previous auditor, BF Borgers CPA, after the Securities and Exchange Commission charged the firm and owner Benjamin F. Borgers with “massive fraud,” accusing them of “deliberate and systemic failures to comply with Public Company Accounting Oversight Board (standards) in its audits and reviews” in more than 1,500 SEC filings between January 2021 and June 2023.
The SEC accused the firm of “falsely representing” to their clients that its work would comply with PCAOB standards, “fabricating audit documentation” to make their work appear to comply with PCAOB standards, and “falsely stating in audit reports” to the SEC that its audits complied with PCAOB standards.
The SEC said that at Benjamin Borgers’ direction, BF Borgers staff copied audit documents from previous engagements for clients, changing only the dates and passing them off as covering the current audit period, including documenting planning meetings that never occurred and falsely representing that Borgers and others had reviewed and approved the work.
“As a result of their fraudulent conduct, they not only put investors and markets at risk by causing public companies to incorporate noncompliant audits and reviews into more than 1,500 filings with the Commission, but also undermined trust and confidence in our markets,” said Gurbir S. Grewal, director of the SEC’s Division of Enforcement.
Borgers agreed to pay a $2 million civil penalty. Both also agreed to permanent suspensions from appearing and practicing as accountants, effective immediately, and to cease and desist from committing or causing violations of relevant federal securities laws, the SEC said.
Typical reader comments
Everything associated with this natural born psychopath is corrupt in some way.
totally normal, routine audit. Nothing to see. Move along.
Everything trump's involved in should be audited, and for good reason.
Its new independent auditor, Semple, Marchal & Cooper LLP, filed an amended audit covering calendar years 2022 and 2023 and amending a previous one filed on April 15.
Trump Media replaced its previous auditor, BF Borgers CPA, after the Securities and Exchange Commission charged the firm and owner Benjamin F. Borgers with “massive fraud,” accusing them of “deliberate and systemic failures to comply with Public Company Accounting Oversight Board (standards) in its audits and reviews” in more than 1,500 SEC filings between January 2021 and June 2023.
The SEC accused the firm of “falsely representing” to their clients that its work would comply with PCAOB standards, “fabricating audit documentation” to make their work appear to comply with PCAOB standards, and “falsely stating in audit reports” to the SEC that its audits complied with PCAOB standards.
The SEC said that at Benjamin Borgers’ direction, BF Borgers staff copied audit documents from previous engagements for clients, changing only the dates and passing them off as covering the current audit period, including documenting planning meetings that never occurred and falsely representing that Borgers and others had reviewed and approved the work.
“As a result of their fraudulent conduct, they not only put investors and markets at risk by causing public companies to incorporate noncompliant audits and reviews into more than 1,500 filings with the Commission, but also undermined trust and confidence in our markets,” said Gurbir S. Grewal, director of the SEC’s Division of Enforcement.
Borgers agreed to pay a $2 million civil penalty. Both also agreed to permanent suspensions from appearing and practicing as accountants, effective immediately, and to cease and desist from committing or causing violations of relevant federal securities laws, the SEC said.
Typical reader comments
Everything associated with this natural born psychopath is corrupt in some way.
totally normal, routine audit. Nothing to see. Move along.
Everything trump's involved in should be audited, and for good reason.
