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lite.cnn.com - on gopher - inofficial | |
ARTICLE VIEW: | |
/ | |
Trump Media fires accounting firm after old one accused of being a | |
‘sham audit mill’ | |
By Matt Egan, CNN | |
Updated: | |
8:41 AM EDT, Mon May 6, 2024 | |
Source: CNN | |
Truth Social owner Trump Media & Technology Group announced Monday it | |
fired BF Borgers after US regulators accused the accounting firm of | |
“massive fraud.” | |
The decision to fire BF Borgers was expected and required by | |
regulators. The accounting firm did not respond to a request for | |
comment. | |
Trump Media said in a that it “dismissed” BF Borgers as its | |
independent registered public accounting firm on Friday. That was the | |
same day the Securities and Exchange Commission and accused it of | |
Trump Media said that on Saturday it hired Semple, Marchal & Cooper to | |
replace BF Borgers. | |
In the filing, Trump Media said BF Borgers’ audit reports on the | |
company’s financial statements for 2022 and 2023 did not contain an | |
adverse opinion and there were no disagreements over accounting | |
matters. | |
Firing BF Borgers wasn’t optional for Trump Media or any other public | |
company that used the firm. The SEC public companies on Friday they | |
will need to find new accounting firms. | |
BF Borgers served as Trump Media’s independent registered accounting | |
firm before the company went public in March. Later 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 | |
mention the company in its charges. The SEC review only focused on | |
public companies, meaning BF Borgers’ work for Trump Media when it | |
was private was not included. | |
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