Trump Media Auditor BF Borgers Charged For 'Massive Fraud' By SEC: What's Going On?
Portfolio Pulse from Nabaparna Bhattacharya
Trump Media & Technology Group Corp. (NASDAQ:DJT) shares fell after the SEC charged its audit firm, BF Borgers CPA PC, and its owner with 'massive fraud' for failing PCAOB standards in over 1,500 SEC filings from Jan 2021 to Jun 2023. The firm agreed to a $12 million penalty, and its owner to $2 million, with both receiving permanent suspensions. This raises concerns about the accuracy of Trump Media's financial reports. CEO Devin Nunes has accused brokerage firms of stock manipulation, urging House GOP leaders to investigate.
May 03, 2024 | 4:04 pm
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Trump Media & Technology Group Corp. shares declined due to SEC charges against its audit firm for 'massive fraud', affecting financial report accuracy and raising stock manipulation concerns.
The direct involvement of Trump Media's audit firm in a 'massive fraud' case by the SEC significantly undermines investor confidence, directly impacting the company's stock price. The settlement and penalties, along with the CEO's accusations of stock manipulation, further exacerbate concerns about the company's financial stability and integrity, likely leading to a negative short-term impact on DJT shares.
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