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On May 12, 2021, a view of the U.S. Securities and Exchange Commission’s (SEC) headquarters in Washington, D.C.
The charges from the regulator do not include DJT, the owner of Truth Social, and the SEC did not accuse DJT of any misconduct.
BF Borgers was charged by the SEC with “deliberate and systemic failures,” which included “fabricating” audit documentation and misleading clients about the compliance of its work with accounting standards.
According to the government, there was “massive” fraud between January 2021 and June 2023 that affected over 500 public companies and over 1,500 SEC filings.
With immediate effect, the SEC penalized BF Borgers severely and permanently barred the company from acting as an agency’s accountant. Additionally, the company and its owner, Benjamin Borgers, consented to pay a total of $14 million in fines.
The director of the SEC’s enforcement office, Gurbir Grewal, declared in a news release that “Borgers and his sham audit mill have been permanently shut down.”
