Trump Media fires accounting firm after accusing old firm of being a ‘phony audit mill’

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The headquarters of the US Securities and Exchange Commission (SEC) is in Washington.

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Trump Media & Technology Group, owner of Truth Social, announced Monday that it had fired BF Borgers after US regulators accused the accounting firm of “large-scale fraud.”

The decision to expel BF Borgers was expected and requested by the organizers. The accounting firm did not respond to a request for comment.

Trump told the media in A Deposit It “dismissed” BF Borgers as an independent registered public accounting firm on Friday. That was the same day the Securities and Exchange Commission held its case BF Borgers and its owner have been accused of widespread fraud He was accused of it Run the “fake audit mill”.

Trump Media said on Saturday it appointed Semple, Marshall & Cooper to replace BF Borgers.

In the filing, Trump Media said BF Borgers’ audit reports on the company’s 2022 and 2023 financial statements did not contain an adverse opinion and there were no disagreements over accounting matters.

Firing BF Borgers was not optional for Trump Media or any other public company that uses the company. Supreme Education Council I alerted Public companies on Friday 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 appointed BF Borgers as the public company’s accounting firm.

The SEC did not accuse Trump Media of any wrongdoing, and did not name the company in its accusations. The SEC’s review focused only on public companies, meaning BF Borgers’ work for Trump Media when it was private was not included.

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