Trump Media & Technology Overhauls Auditors Amid SEC Fraud Allegations

Zinger Key Points
  • Donald Trump's media and technology company replaces its accounting firm.
  • SEC had charged BF Borgers with deliberate and systemic failures to comply with PCAOB standards.

Trump Media & Technology Group Corp DJT said in an SEC filing that it had dismissed BF Borgers CPA PC as its independent registered public accounting firm, effective May 3.

The company has appointed Semple, Marchal & Cooper, LLP, to replace BF Borgers. The decision to change independent registered public accounting firms was made with the recommendation and approval of the company’s audit committee.

Last week, the SEC charged the audit firm and its owner, Benjamin F. Borgers, with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards.

The charges were regarding audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023.

To settle the SEC’s charges, BF Borgers agreed to pay a $12 million civil penalty, and Benjamin Borgers agreed to pay a $2 million civil penalty.

Recently, Trump Media CEO Devin Nunes accused certain brokerage firms of potential stock manipulation and anomalous trading.

In an exchange filing in April, Trump Media sent a letter to Nasdaq regarding suspected short-selling activities in its shares.

Also SeeHere’s How Much Trump Lost After His Newly Listed DJT Stock Erased All Gains Since Public Debut

Price Action: DJT shares are trading higher by 3.83% at $49.76 at the last check Monday.

Photo courtesy: Shutterstock

Market News and Data brought to you by Benzinga APIs
Posted In: EquitiesNewsGeneralBriefsStories That Matter
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!