SEC just charged Trump Media auditor with ‘massive fraud’

Trump Media & Technology Group Corp (NASDAQ: DJT) opened in the red this morning after the Securities & Exchange Commission charged its auditor with “massive fraud”.

BF Borgers barred from practicing as an auditor

The malpractice of Benjamin Borgers and his firm BF Borgers CPA affected over 1,500 filings in total for which the federal regulator permanently barred the auditor today from working as an accountant.

BF Borgers and its owner will also pay civil penalties worth $14 million, the SEC confirmed in a statement on Friday.

In April, Benjamin Borgers’ firm was blocked from accepting new clients in Canada as well.

Shares of Trump Media – a Florida based company that owns “Truth Social” are now down well over 30% versus their year-to-date high.

SEC director Grewal’s comments on Friday

The U.S. Securities and Exchange Commission also accused BF Borgers of misleading clients into believing its work will comply with standards laid out by the Public Company Accounting Oversight Board (PCAOB). Its director Gurbir Grewal said today:

Ben Borgers and his audit firm, BF Borgers, were responsible for one of the largest wholesale failures by gatekeepers in our financial markets.

A representative of Trump Media & Technology Group Corp has not so far commented on the development on Friday.

The news arrives only days after famed investor and Mad Money host Jim Cramer called $DJT a “joke” as Invezz reported here.

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