SEC Charges Auditing Firm for Trump Media with 'Massive Fraud'

SOURCE www.cnbc.com
The auditing firm for Trump Media and the auditor's owner were charged with 'massive fraud' by the SEC for accounting work that affected more than 1,500 SEC filings. The auditor, BF Borgers CPA, and its owner, Benjamin Borgers, agreed to be permanently suspended and pay $14 million in civil penalties.

Key Points

  • Auditing firm and owner charged with 'massive fraud' by SEC
  • Agreed to pay $14 million in civil penalties
  • Trump Media was audited by BF Borgers during a critical period

Pros

  • SEC taking action against fraudulent auditing practices
  • Penalties imposed on the auditing firm and its owner

Cons

  • Potential inaccuracies in financial information of companies audited by BF Borgers