(Bloomberg) — The Securities and Exchange Commission has made a shocking accusation against the auditor of Donald Trump’s social media company, alleging a massive fraud that impacted over 1,500 regulatory filings.
In a significant development, BF Borgers CPA PC and its founder, Benjamin Borgers, will face permanent suspension from practicing as accountants before the SEC. Additionally, they have agreed to pay a substantial $14 million in fines to resolve the investigation, as announced in a press release on Friday.
Gurbir Grewal, the SEC’s enforcement chief, expressed grave concern over the actions of Ben Borgers and BF Borgers, labeling it as one of the most significant failures by gatekeepers in the financial markets. The role of auditors and accounting firms in ensuring the accuracy of financial statements is crucial for investors, and Borgers and his firm neglected this responsibility entirely.
The SEC’s actions highlight the importance of upholding integrity in financial markets and holding accountable those who breach the trust placed in them.
2024-05-03 09:38:18
Link from finance.yahoo.com