BF Borgers, the accounting firm which audited Donald Trump's Truth Social Media firm prior to its IPO, has been banned from conducting further accounting worked and fined $14,000,000.00 by the SEC.
Trump and his Evil Minions™ used a phony auditor to approve their phony numbers before their very real IPO?
Say it ain't so:
The auditor for former president Donald Trump’s media company was charged with “massive fraud” Friday by the Securities and Exchange Commission, which accused the firm of being a “sham audit mill” whose failures put investors at risk.
………
The auditor, BF Borgers, and its owner, Benjamin Borgers, agreed to a permanent suspension from accounting work and to pay $14 million in civil penalties, federal regulators said.
The SEC said its review of the firm’s audits found “deliberate and systemic failures” in more than 1,500 filings from January 2021 through June 2023. That period was before Trump Media & Technology Group went public, suggesting that its filings were not among those investigated as part of the review.
Trump Media, which owns Truth Social, saw its share price slide 5 percent Friday morning.
Trump Media said in an SEC filing last month that Borgers had served as its accounting firm before the company went public in March, auditing Trump Media’s financial statements for 2022 and 2023. In March, the Trump Media board also approved Borgers as its auditor for its upcoming 2024 report.
Borgers conducted the audit of Trump Media’s 2023 financial statement, which said the company lost more than $58 million last year and generated about $4 million in revenue. In that statement, Borgers said it had served as Trump Media’s auditor since 2022.
………
Nearly every Borgers audit that was examined as part of the oversight board’s inspections between 2019 and 2022 contained a “deficiency,” and in some cases multiple errors, the board’s inspection reports show.
Among its repeated errors, the Financial Times found in a review of Borgers’ filings last month: the spelling of the firm’s own name.
You hire a corrupt accounting firm, and even they tell you that you are losing almost $15.00 for every $1.00 in revenue?
The real numbers must be a complete sh%$ show.
Also, the fact that they cannot spell their own name falls firmly into the category of things that would be too over the top if presented as satire.
0 comments :
Post a Comment