Trump Media is the company that owns the ex-president’s Truth Social app and social media platform.
An accounting firm that handled former President Donald Trump’s social media company has been accused of „massive fraud“ and shut down by the U.S. Securities and Exchange Commission (SEC).
Gurbir Grewal, director of the SEC’s enforcement division, called BF Borgers a „sham audit mill“ in a press release on Friday. The firm is accused of „deliberate and systemic failures“ in independent audits and reviews that were later included in more than 1,500 SEC filings for public companies from January 2021 to June 2023.
Trump Media, which owns the former president’s Truth Social platform, used BF Borgers as its accounting firm before becoming a public company in March. BF Borgers is not accused of committing any fraud regarding Trump Media, as the work it did with the company falls outside of the scope of the SEC investigation.
BF Borgers and owner Benjamin Borgers were ordered to immediately stop practicing as accountants before the commission and to pay a combined civil fine of $14 million.
