The company and owner Benjamin Borgers have agreed to pay a combined $14 million to settle the SEC charges.
The SEC's allegations focused on a period between January 2021 and June 2023, when the agency said more than 350 clients relied on the work of BF Borgers. | Andrew Harnik/APThe Securities and Exchange Commission has barred the accounting firm for former President Donald Trump’s social media venture from practice for “deliberate and systemic failures” to comply with U.S. audit standards on more than 1,500 filings by hundreds of firms, the agency said Friday.
In what the SEC called a “massive fraud,” BF Borgers — a Lakewood, Colorado-based firm that said it represents public companies around the world, including Trump Media & Technology Group — allegedly skirted accounting standards for more than two years while working on the audits and reviews of companies, Both the firm and Borgers have been permanently suspended from practicing before the SEC as accountants, effective immediately, the regulator said.
“Ben Borgers and his audit firm, BF Borgers, were responsible for one of the largest wholesale failures by gatekeepers in our financial markets,” SEC Enforcement Director Gurbir Grewal said in a statement. “They not only put investors and markets at risk by causing public companies to incorporate noncompliant audits and reviews into more than 1,500 filings with the Commission, but also undermined trust and confidence in our markets.
The SEC’s allegations focused on a period between January 2021 and June 2023, when the agency said more than 350 clients relied on the work of BF Borgers. But the firm, the SEC said, failed to follow standards set by the top U.S. audit watchdog on at least 75 percent of those filings. The agency also alleged that BF Borgers misled its clients by telling them that its work complied with the Public Company Accounting Oversight Board’s standards and falsified documents to make it appear as if it did.
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