BF Borgers CPA PC suspended by SEC

—not for any work it performed for former President Donald Trump’s media company.

Washington D.C., May 3, 2024 —
The Securities and Exchange Commission today charged audit firm BF Borgers CPA PC and its owner, Benjamin F. Borgers (together, “Respondents”), with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023. To settle the SEC’s charges, BF Borgers agreed to pay a $12 million civil penalty, and Benjamin Borgers agreed to pay a $2 million civil penalty. Both Respondents also agreed to permanent suspensions from appearing and practicing before the Commission as accountants, effective immediately.

https://www.sec.gov/news/press-release/2024-51

Although Trump Media may be the highest profile client of BF Borgers, the firm had 350 clients during this time period subject to SEC rules, according to the agency.

The SEC review only focused on public companies, meaning BF Borgers’ work for Trump Media when it was private was not included.