The American stock exchange watchdog 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 SEC stated that Borgers and his audit firm were responsible for one of the largest gatekeeping failures in the financial markets. Auditors play a critical role in the financial markets as investors rely on audited financial statements when making investment decisions. However, Borgers and his company have neglected this responsibility, leading to their permanent suspension by the SEC.
Trump Media & Technology Group Corp., Borgers’ largest customer, has announced that they will be looking for a new auditor. It is unclear whether there was any fraud in the company’s annual accounts. The company has not yet responded to the accusations made by the SEC.