Investment Strategies / Mechanical Investing
No. of Recommendations: 0
"" The Securities and Exchange Commission Friday said the SF Borgers audit firm will pay $12 million for massive fraud and is barred from practicing before the SEC as accountants. Among its responsibilities, It's Trump Media's(DJT) auditor.
The SEC said SF Borgers is barred for false representation to clients, fabricating audit documentation and deliberate and systemic failure to comply with auditing standards.
Benjamin Borgers, owner of the firm, will pay an addition $2 million civil penalty. Borgers and SF Borgers were permanently barred from practicing before the SEC as accountants.
"As a result of their fraudulent conduct, 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," SEC Director of Enforcement Gurbir S. Grewal said in a statement.
Grewal added that, "Borgers and his sham audit mill have been permanently shut down."
The SEC said the massive fraud occurred in more than 1,500 SEC filings.
The SEC action raised serious questions regarding the veracity and accuracy of financial information contained in those filings, including Trump Media(DJT) financial filings.
The SEC said, "We encourage all issuers that have previously engaged BF Borgers as their independent auditor to consider the findings and sanctions discussed in the order, taking into account their disclosure obligations under the federal securities laws."
Trump Media (DJT) spokeswoman Shannon Devine told CNBC, "Trump Media(DJT) looks forward to working with new auditing partners in accordance with today's SEC order."
Trump is the majority share holder in Trump Media(DJT).
According to the SEC Borgers and his company "copied work papers from previous engagements for their clients, changing only the relevant dates, and then passed them off as work papers for the current audit period."
The SEC order found that they violated antifraud, record keeping and other provisions of federal securities laws.
These actions, the SEC said, failed to comply with required Public Company Accounting Oversight Board standards, while falsely representing to clients that the firm's work would comply.
SF Borgers also were charged by the SEC of "fabricating audit documentation to make it appear that the firm's work did comply with PCAOB standards; and falsely stating in audit reports included in more than 500 public company SEC filings that the firm's audits complied with PCAOB standards."
No. of Recommendations: 0
The RISK of merging with a blind pool, aka SPAC, is that you never know what went on prior to the merger. We will know soon enough,IF the company was dirty pre merger ? Someone made a huge error not doing the due diligence on the auditor.
No. of Recommendations: 0
No. of Recommendations: 5
for the umpteenth time, trump has not made a dime off his DJT shares, and his probability-weighted dollar amount is closer to zero than any billions. no one has to trust zerohedge when every outlet and DJT execs admit to the auditor sham.
so let's playback a highly predictable set of events as if its ~oct 2024 :
MAGA is shocked when :
- DJT is at zero of pennies
- all the SPAC cash at DJT has been looted by vapor expenses + 'consultants', and DJT has net debt from unpaid bills
(this cash may have been trump's original goal, and the share price came as a surprise)
- any insiders with unrestricted shares get out at whatever price available
- mandatory financial reports delayed and\or restated, more SEC sanctions
- auditor fraud (2024 May, we are here)
- external surveys report total number of Truth Social daily users ~110k, about the population of Odessa, Texas
(facebook is 3000X bigger, equally useless but making money)
- DJT execs make a policy of not tracking any user metrics typical for social media
- insider trading convictions
- insiders sue trump & vice-versa
- board and trump make excellent choice in hiring nunes and auditors
[anything earlier than this, MAGA will claim they were not really paying attention]
No. of Recommendations: 0
" - board and trump make excellent choice in hiring nunes and auditors "
Was BF Borgers the auditor of the spac, prior to the merger? Thank you.
No. of Recommendations: 3
this supposed tidbit is a moldy big mac in a port-a-potty...do not consume !
DJT and the spac would not exist w/out trump, as he has been involved since the founder's proposal.
TMTG has used the audit firm since 2022.
trump may not have personally hired&paid the auditors, but like the long list of items on this thread above, its baffling to see why anyone sensible could be surprised.
BF Borgers 'worked' for many shams and their history sounds like the perfect match for any of don's previous failures :
-among multiple fake names, the owner has used "Ben F orgers"
-prior clients include chinesesinvestors.com and Lingerie Fighting Championships Inc.
No. of Recommendations: 1
" BF Borgers 'worked' for many shams and their history sounds like the perfect match for any of don's previous failures :
-among multiple fake names, the owner has used "Ben F orgers"
-prior clients include chinesesinvestors.com and Lingerie Fighting Championships Inc."
It's frightening that the current SEC could be this incompetent. IF trump hadn't done this deal with that SPAC, would the accounting fraud have ever been discovered? At the time of the merger, that grifter CPA firm was in, good standing. Trump provided a public service by incentivizing the SEC to take a hard look or it may have never happened.
No. of Recommendations: 1
No. of Recommendations: 4
The BF Borgers fraud was originally published on Benzinga. There is no indication in that report that the SPAC initiated the SEC investigation.
According to the report, Ben Borgers was doing shoddy work as far back as 2021.
While it's possible they found the other 1200 companies while investigating DJT documents, based on the report, it's equally possible that the SPAC administrators and/or DJT administrators sought the services of a firm as shady as Trump.
https://www.benzinga.com/markets/equities/24/05/38...
