Joe Biden fueled rumors that he had an accident with a viral Twitter video, though this is totally unproven.
Did Joe Biden just shit his pants?
pic.twitter.com/QnKRb5OGLS— MAGA Newswire (@MAGANEWSWIRE) May 4, 2024
BF Borgers, the independent accounting firm for Trump Media & Technology Group, faced significant charges of widespread fraud from the Securities and Exchange Commission on Friday, accused of operating a “sham audit mill.” The SEC’s allegations do not implicate Trump Media, the owner of Truth Social, nor is it mentioned in the charges.
The SEC’s accusations against BF Borgers involve “deliberate and systemic failures,” including fabricating audit documentation and falsely claiming compliance with accounting standards. The agency described this as a “massive” fraud occurring between January 2021 and June 2023, impacting more than 1,500 SEC filings and over 500 public companies.
The SEC imposed severe penalties on BF Borgers, permanently suspending the firm from practicing before the agency, effective immediately. Additionally, the firm and its owner, Benjamin Borgers, were collectively fined $14 million.
“Borgers and his sham audit mill have been permanently shut down,” stated Gurbir Grewal, director of the SEC’s enforcement division, in a press release.
Public companies that used BF Borgers for their audits will now need to find new accounting firms. Trump Media & Technology Group, in response to the SEC’s decision, indicated it would work with new auditing partners in compliance with the SEC order. Trump Media spokesperson Shannon Devine stated, “Trump Media looks forward to working with new auditing partners in accordance with today’s SEC order.”
While BF Borgers served as Trump Media’s independent registered accounting firm before it went public in March 2023, its work when Trump Media was private was not part of the SEC’s review. The SEC found that of the 369 public company clients with BF Borgers audit and review work, at least 75% did not meet accounting standards.
