Trump Media & Technology Group Dismisses Independent Audit Firm Amidst Stock Manipulation Allegations and SEC Settlements

Trump Media & Technology Group Corp (DJT) recently 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.

In an SEC filing, it was revealed that the audit firm and its owner, Benjamin F. Borgers, were charged 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 currently trading higher by 3.83% at $49.76.

The recent actions of Trump Media have been influenced by changes in their independent registered public accounting firm and allegations of stock manipulation. The company’s decision to replace BF Borgers CPA PC was made following charges by the SEC and settlement agreements, highlighting their commitment to transparency and compliance. Additionally, accusations of stock manipulation and suspicious trading practices have brought further attention to the company’s market activities.

Overall, Trump Media’s recent actions have been driven by a desire for greater accountability and compliance within their organization.