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Trump Media fires accounting firm after longtime one accused of ‘fake audit factory’
Truth Social owner Trump Media & Technology Group announced on Monday it was firing BF Borgers after US regulators accused the accounting firm of “massive fraud.”
The decision to fire BF Borgers was expected and required by the regulator. The accounting firm did not respond to a request for comment.
Trump Media said in a filing that it “rejected” BF Borgers as its independent registered public accounting firm on Friday. That was the same day the Securities and Exchange Commission charged BF Borgers and its owners with widespread fraud and accused it of operating a “bogus audit mill.”
Trump Media said on Saturday it hired Semple, Marchal & Cooper to replace BF Borgers.
In the filing, Trump Media said BF Borgers’ audit report on the company’s financial statements for 2022 and 2023 contained no adverse opinions and no disagreements on accounting matters.
Firing BF Borgers is not an option for Trump Media or any other public company that uses the firm. The SEC notified public companies on Friday that they need to find a new accounting firm.
BF Borgers served as Trump Media’s registered independent accounting firm before the company went public in March. Then in March, Trump Media hired BF Borgers as the public company’s accounting firm.
The SEC did not accuse Trump Media of any wrongdoing, nor did it name the company in its charges. The SEC review focused only on public companies, meaning BF Borgers’ work for Trump Media when it was private was not included.
