Last updated on May 5th, 2024 at 09:58 am
The accounting firm that worked with Trump Media has been charged with massive fraud by the SEC.
CBS News reported:
BF Borgers, the independent accounting firm for Trump Media & Technology Group, is facing allegations of “massive fraud” from the Securities and Exchange Commission, which on Friday claimed the auditor ran a “sham audit mill” that put investors at risk.
The SEC said Borgers has been shut down, noting that the company agreed to a permanent suspension from appearing and practicing before the agency as accountants. The suspension is effective immediately. Additionally, BF Borgers agreed to pay a $12 million civil penalty, while owner Benjamin Borgers will pay a $2 million civil penalty
Trump used the accounting firm before his social media company stock went public. This is the latest news that is more than smoke around Trump Media. It was also reported that Truth Social only 113,000 users and its numbers are dropping.
Trump Media looks like a sham company that may have been propped up by accounting fraud and lies. The stock continues to sell for way more than it is worth considering that the social media company has virtually no users and has ever turned a profit.
There is more than smoke around Truth Media. It is a five alarm fire, and the investor lawsuits should really be something when the MAFA fueled bubble bursts.
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