Trump Media auditor charged by SEC with 'massive fraud,' permanently barred from public company audits [View all]
Last edited Fri May 3, 2024, 11:45 AM - Edit history (1)
Source: CNBC
Published Fri, May 3 2024 9:34 AM EDT Updated 4 Min Ago
The auditing firm for Trump Media and the auditor’s owner were charged Friday with “massive fraud” by the Securities and Exchange Commission for accounting work that affected more than 1,500 SEC filings, the federal regulator announced.
The auditor, BF Borgers CPA and its owner Benjamin Borgers have agreed to be permanently suspended from practicing as accountants before the SEC, and also agreed to pay a combined $14 million in civil penalties, without admitting or denying the allegations, the SEC said.
The agency, calling BF Borgers a “sham audit mill,” said the company and its owner “deliberately systematically failed to conduct” in accordance with Public Company Accounting Oversight Board standards audits and quarterly reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023.
The SEC said the Lakewood, Colorado-based auditor lied to clients by saying its work complied with PCAOB standards, fabricated audit documents to make it seem that the work did comply with those standards, and falsely claims in audit reports included in more than 500 public company SEC filings that the firm’s audits complied with such standards.
Read more: https://www.cnbc.com/2024/05/03/trump-media-auditor-charged-by-sec-with-massive-fraud-permanently-barred-from-public-company-audits.html
Link to SEC PRESS RELEASE - SEC Charges Audit Firm BF Borgers and Its Owner with Massive Fraud Affecting More Than 1,500 SEC Filings
Article updated.
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The auditing firm for Trump Media and the auditor's owner were charged Friday with "massive fraud" by the Securities and Exchange Commission for work that affected more than 1,500 SEC filings, the federal regulator announced.
The auditor, BF Borgers CPA and its owner Benjamin Borgers have agreed to be permanently suspended from practicing as accountants before the SEC, and also agreed to pay a combined $14 million in civil penalties, with admitting or denying the allegations, the SEC said.
The agency, calling BF Borgers a "sham audit mill," said the company and its owner engaged in "deliberate and systemic failures to comply with Public Company Accounting Oversight Board ... standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023," according to a press release.
The respondents also were charged with falsely telling clients that the auditor's work would comply with PCAOB standards, fabricating audit documents to make it seem that the work did comply with those standards, and "falsely stating in audit reports included in more than 500 public company SEC filings that the firm's audits complied with PCAOB standards," the release said.
The auditing firm for Trump Media and the auditor's owner were charged Friday with "massive fraud" by the Securities and Exchange Commission for work that affected more than 1,500 SEC filings the federal regulator announced.
The auditor, BF Borgers CPA and its owner Benjamin Borgers have agreed to be permanently suspended from practicing as accountants before the SEC, and also agreed to pay a combined $14 million in civil penalties, with admitting or denying the allegations, the SEC said.
The agency accused BF Borgers and its owner of "deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023," according to a press release.
The respondents also were charged with falsely telling clients that the auditor's work would comply with PCAOB standards, with fabricating audit documents to make it seem that the work did comply with those standards, and "falsely stating in audit reports included in more than 500 public company SEC filings that the firm's audits complied with PCAOB standards," the release said.
The auditing firm for Trump Media and the auditor's owner were charged with "massive fraud" by the Securities and Exchange Commission for work that affected more than 1,500 SEC filings.
The auditor, BF Borgers CPA and its owner Benjamin Borgers have agreed to be permanently suspended from practicing as accountants before the SEC, and also agreed to pay a combined $14 million in civil penalties.
This is breaking news. Please check back for updates.
The auditor for Trump Media and the auditor's owner were charged with "massive fraud" by the Securities and Exchange Commission for work that affected more than 1,500 SEC filings.
This is breaking news. Please check back for updates.
Original article -
This is breaking news. Please check back for updates.
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