Trump Media & Technology Group, the owner of Truth Social, announced on Monday that it had terminated its relationship with BF Borgers following allegations of “massive fraud” by US regulators.
The decision to dismiss BF Borgers was expected and mandated by regulators. Despite a request for comment, the accounting firm did not respond. Trump Media stated in a filing that it had "dismissed" BF Borgers as its independent registered public accounting firm on Friday, the same day the Securities and Exchange Commission (SEC) charged BF Borgers and its owner with extensive fraud, labeling it a “sham audit mill.”
Trump Media disclosed that it had appointed Semple, Marchal & Cooper as the replacement for BF Borgers on Saturday.
In its filing, Trump Media clarified that BF Borgers’ audit reports on the company’s financial statements for 2022 and 2023 did not contain an adverse opinion, and there were no disagreements over accounting matters.
The dismissal of BF Borgers was not discretionary for Trump Media or any other public company using the firm. On Friday, the SEC notified public companies of the need to seek new accounting firms.
BF Borgers had previously served as Trump Media’s independent registered accounting firm before the company went public in March. Subsequently, Trump Media engaged BF Borgers as the public company’s accounting firm in March. The SEC did not implicate Trump Media in any wrongdoing, nor did it reference the company in its charges, which were limited to public companies, excluding BF Borgers’ work for Trump Media during its private phase.