Trump Media Auditor’s Shutdown Strands Nearly 40% of Ex-Clients

Donald Trump’s social media company secured a new auditor within days of the SEC shuttering the firm that had vetted its books. Nearly 40% of BF Borgers CPA PC’s other clients haven’t been so lucky.

Scores of the approximately 180 companies audited by the Colorado firm the Securities and Exchange Commission called a massive fraud and “sham audit mill” in early May have yet to announce they’ve hired new auditors, a Bloomberg Tax analysis found.

While there’s no set deadline to secure a new auditor, going without one for too long is considered a financial reporting red flag. Failure to issue audited financial statements hinders a company’s ability to raise cash and stay listed on public exchanges.

The approximately 70 former BF Borgers clients that remain in auditor search mode range from Nasdaq-listed Japanese luxury real estate developer Lead Real Estate Co. to aspiring hoverboard seller MoveIX Inc., traded on the pink sheets, according to a Bloomberg Tax review of securities filings.

Source: Trump Media Auditor’s Shutdown Strands Nearly 40% of Ex-Clients