Adrian Johnson
TLDR:
Trump Media fired BF Borgers after US regulators accused them of “massive fraud.” Semple, Marchal & Cooper was hired as the new accounting firm. No wrongdoing was found on Trump Media’s part.
Key Elements:
- Trump Media fired BF Borgers after accusations of “massive fraud”
- New accounting firm, Semple, Marchal & Cooper, was hired to replace them
- No wrongdoing found on Trump Media’s part in SEC review
- BF Borgers served as Trump Media’s accounting firm before going public
Trump Media & Technology Group dismissed BF Borgers as its accounting firm after US regulators accused them of “massive fraud.” The Securities and Exchange Commission charged BF Borgers with widespread fraud and operating a “sham audit mill.” Trump Media hired Semple, Marchal & Cooper to replace BF Borgers.
In the filing, Trump Media stated that there were no disagreements over accounting matters in BF Borgers’ audit reports for 2022 and 2023. The SEC did not accuse Trump Media of any wrongdoing in their review, focusing only on public companies using BF Borgers.
BF Borgers had served as Trump Media’s independent accounting firm before the company went public in March. The SEC’s charges did not mention Trump Media, and the review excluded BF Borgers’ work for Trump Media when it was a private company.
