Trump Media & Technology Group Corp (DJT) has announced the dismissal of BF Borgers CPA PC as its independent registered public accounting firm, effective May 3. The company has appointed Semple, Marchal & Cooper, LLP to replace BF Borgers, with the decision made with the recommendation and approval of the company’s audit committee.
The SEC charged the audit firm and its owner, Benjamin F. Borgers, with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards. The charges were related to audits and reviews included in over 1,500 SEC filings from January 2021 through June 2023. To settle the charges, BF Borgers agreed to pay a $12 million civil penalty, while Benjamin Borgers agreed to pay a $2 million civil penalty.
Trump Media CEO Devin Nunes recently accused certain brokerage firms of potential stock manipulation and anomalous trading. In April, Trump Media sent a letter to Nasdaq regarding suspected short-selling activities in its shares. DJT shares are trading higher by 3.83% at $49.76.
Influenced by these changes and allegations of stock manipulation, Trump Media has made a commitment to transparency and compliance by replacing their independent registered public accounting firm with Semple, Marchal & Cooper, LLP. Additionally, accusations of stock manipulation and suspicious trading practices have brought further attention to the company’s market activities.
Overall, it seems that Trump Media is taking steps towards improving their operations and ensuring compliance with regulatory standards after facing criticism from regulators for failing to meet PCAOB standards and allegations of stock manipulation from CEO Devin Nunes’ letter to Nasdaq in April 2023
