NEW YORK — Trump Media and Technology Group, the owner of social networking site Truth Social, has dismissed a Colorado auditor that federal regulators recently accused of committing “massive fraud.”
The former president’s media company removed Lakewood-based BF Borgers as its independent public accounting firm on Friday, according to a securities filing — and also stated that Trump Media has enlisted Arizona-based accountant Semple, Marchal & Cooper as a replacement for BF Borgers.
BF Borgers’ termination occurred on the same day that the Securities and Exchange Commission charged the firm and its owner Benjamin F. Borgers with “deliberate and systematic failures” in over 1,500 audits.
The allegations, which include failing to follow accounting rules and creating false documentation to conceal its inadequacies, do not pertain to any work that BF Borgers performed for Trump Media. In order to resolve the allegations, BF Borgers and Borgers agreed to pay a combined $14 million in civil penalties and receive immediate permanent suspensions, preventing them from handling SEC-related matters as accountants.
BF Borgers’ time with Trump Media was brief. The Colorado firm was named as its auditor on March 28, as per a recent annual report filing. At that time, Trump Media indicated that BF Borgers had also conducted its audits before the company went public via a merger with a shell company called Digital World Acquisition Corp. Trump Media had gone through at least two other auditors previously — one that resigned in July 2023, and another that was terminated by its board in March, just as it was re-hiring BF Borgers.
In its regulatory filing, Trump Media stated that “the decision to change independent registered public accounting firms was made with the recommendation and approval of the Audit Committee of the Company.” The Associated Press reached out to the company for further comment on Monday, including on whether Semple, Marchal & Cooper would review BF Borgers’ prior work for Trump Media.
BF Borgers and Semple, Marchal & Cooper did not immediately respond to requests for a statement.
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BF Borgers’ termination occurred on the same day that the Securities and Exchange Commission charged the firm and its owner Benjamin F. Borgers with “deliberate and systematic failures” in over 1,500 audits.
