Trump Media Auditor Charged with Fraud by SEC

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The Securities and Exchange Commission has barred accounting firm BF Borgers from auditing financial statements of public companies, including Trump Media & Technology Group. The firm was charged with fraud and failure to comply with accounting rules, resulting in a $14 million penalty. Companies formerly audited by BF Borgers must now find new auditors. Trump Media, now a public company, experienced a slight dip in shares after the news. The S.E.C. called the failures at BF Borgers one of the largest in financial markets. Audit firms play a critical role in ensuring accuracy of financial statements for investors. BF Borgers and its owner did not admit or deny the charges in settlement with the S.E.C. Companies are instructed to file regulatory notices when changing audit firms.

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