CORP/BIZ "Massive Fraud": SEC Shuts Down 'Prolific' Auditor BF Borgers, Whose Clients Include Trump Media

[Southside]

"Massive Fraud": SEC Shuts Down 'Prolific' Auditor BF Borgers, Whose Clients Include Trump Media | ZeroHedge

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"Massive Fraud": SEC Shuts Down 'Prolific' Auditor BF Borgers, Whose Clients Include Trump Media​

by Tyler Durden
Friday, May 03, 2024 - 10:15 AM
The US Securities and Exchange Commission (SEC) shut down auditor BF Borgers, described by the Financial Times as "one of the most prolific auditors of US public companies," over allegations of "massive fraud" that affected more than 1,500 SEC filings, the agency announced on Friday.

Borgers agreed to a $12 million civil penalty, while owner Benjamin Borgers agreed to pay $2 million to settle the SEC's charges. The company has also agreed to permanent suspensions from practicing as accountants on SEC filings, effective immediately.

According to the SEC, a "significant" number of listed companies will have to switch accountants in the coming days due to the enforcement action.
Clients include Trump Media.
"Trump Media looks forward to working with new auditing partners in accordance with today's SEC order," a spokesperson for Trump's media company told Reuters in an email.

Borgers has also acted for fintech and crypto companies, and many other small issuers, SEC filings show.
According to the SEC, Borgers did not properly prepare and maintain audit documentation, fabricated audit planning meetings, and in some cases simply passed off previous audits for the current audit period.
Of 369 BF Borgers clients whose filings from January 2021 through June 2023 incorporated BF Borgers's audits and reviews, at least 75% incorporated audits that did not comply with the SEC's rules.

According to SEC Enforcement Division Director Gurbir Grewal, "Ben Borgers and his audit firm, BF Borgers, were responsible for one of the largest wholesale failures by gatekeepers in our financial markets."

 

[Housecarl]

"Massive Fraud": SEC Shuts Down 'Prolific' Auditor BF Borgers, Whose Clients Include Trump Media | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

"Massive Fraud": SEC Shuts Down 'Prolific' Auditor BF Borgers, Whose Clients Include Trump Media​

by Tyler Durden
Friday, May 03, 2024 - 10:15 AM
The US Securities and Exchange Commission (SEC) shut down auditor BF Borgers, described by the Financial Times as "one of the most prolific auditors of US public companies," over allegations of "massive fraud" that affected more than 1,500 SEC filings, the agency announced on Friday.

Borgers agreed to a $12 million civil penalty, while owner Benjamin Borgers agreed to pay $2 million to settle the SEC's charges. The company has also agreed to permanent suspensions from practicing as accountants on SEC filings, effective immediately.

According to the SEC, a "significant" number of listed companies will have to switch accountants in the coming days due to the enforcement action.
Clients include Trump Media.
"Trump Media looks forward to working with new auditing partners in accordance with today's SEC order," a spokesperson for Trump's media company told Reuters in an email.

According to SEC Enforcement Division Director Gurbir Grewal, "Ben Borgers and his audit firm, BF Borgers, were responsible for one of the largest wholesale failures by gatekeepers in our financial markets."

Hummmm......

 

[BUBBAHOTEPT]

Indeed……..

 

[Southside]

I am a CPA, by trade. I probably had the smallest Peer Reviewed CPA Firm in the US with an SEC client.
2 professionals, 1 staff and 1 secretary. This was in 1992, when peer review started. What this company did was unbelievable. I cannot even imagine the fear now being felt around the office. And the Peer Review team that issued an opinion. WOW!

 

[Wildweasel]

Hummmm......

So they were playing with the books, or they wouldn't play with Trump's books the way TPTB wanted them to in order to have something on paper to go after Trump with?

 

[Sooth]

Message sent. If you have anything to do with Trump or any of his organizations, businesses, family, political party you are being watched, and considered for prosecution. With a “significant" number of listed companies, the headline is Trump Media.

I get this picture of a meeting of the Five Families dividing up the power. Instead of guns, now they use government agencies, lawyers and lawfare.

 

[Knoxville's Joker]

Message sent. If you have anything to do with Trump or any of his organizations, businesses, family, political party you are being watched, and considered for prosecution. With a “significant" number of listed companies, the headline is Trump Media.

I get this picture of a meeting of the Five Families dividing up the power. Instead of guns, now they use government agencies, lawyers and lawfare.

As Dennis has said we need to have a split economy to bypass this drek.

 

[Josie]

I'm not excusing any funny accounting practices. However, it has and is becoming more apparent that ANYONE OR ANY ENTITY associated with President Trump will be held to a much higher scrutiny and standard than those associated with the dems. How do I know this is true? What happened to those millions that are just "lost" at the Pentagon? Who was responsible for their books and why are their feet not being held to the fire?

Just making a point. I already know the answer.

 

[Redleg]

Funny how this is reported in the news and calling out Trump in the headlines but no other companies.
Hmm......how strange is that and now. Sounds like a hit job.

 

[Southside]

Funny how this is reported in the news and calling out Trump in the headlines but no other companies.
Hmm......how strange is that and now. Sounds like a hit job.

Ding, ding, ding!

 

[Ractivist]

I'll throw in the chicken dinner.....gluten free of course.