Trump Media & Technology Group Corp. (DJT), a media and technology company founded by former US President Donald Trump, has recently terminated its accounting firm BF Borgers CPA.

This decision was made after US regulators accused the firm of engaging in “massive fraud.” The Securities and Exchange Commission charged BF Borgers and its owner Benjamin Borgers with extensive fraud and operating a “sham audit mill.” As a result, both parties agreed to a permanent ban from auditing public companies and to pay a combined $14 million in penalties.

Trump Media promptly took action by removing BF Borgers as its independent registered public accounting firm since it was a client of the firm. As part of the settlement with regulators, Trump Media and other public companies that had utilized BF Borgers’ services were required to find new auditors. On Saturday, Trump Media hired Semple, Marchal & Cooper to replace BF Borgers.

The decision to change independent registered public accounting firms was made with the recommendation and approval of the Audit Committee of the Company. Trump Media clarified in its filing that BF Borgers’ audit reports on the company’s financial statements for 2022 and 2023 did not present an adverse opinion, and there were no disagreements regarding accounting matters.

Overall, this situation has had a significant impact on Trump Media and other public companies that were clients of BF Borgers. The termination of BF Borgers was mandatory for these companies, as the SEC notified them to secure new accounting firms.