BF Borgers, the independent accounting firm for Trump Media & Technology Group, faced charges from the Securities and Exchange Commission (SEC) for widespread fraud and operating a “sham audit mill.”

The SEC accused the firm of deliberate and systemic failures, including fabricating audit documentation and falsely representing compliance with accounting standards.

The fraud, occurring between January 2021 and June 2023, affected over 1,500 SEC filings and 500 public companies.

As a penalty, BF Borgers was permanently suspended from practicing as accountants before the SEC, and its owner agreed to pay $14 million in fines.

Trump Media, although not implicated in the charges, announced plans to seek new auditing partners. The firm served as Trump Media’s accounting firm before the company went public.

Despite its high-profile status, Trump Media was one of 350 clients of BF Borgers under SEC rules, CNN has reported.

The review focused solely on public companies, excluding Trump Media’s private operations.

Truth Social, Trump Media’s social media platform, has faced challenges with declining user numbers compared to larger platforms like Twitter.

Written by B.C. Begley