The recent developments at Trump Media & Technology Group Corp have been anything but smooth. In a filing with the Securities and Exchange Commission (SEC), the company announced that it has replaced BF Borgers CPA PC as its independent registered public accounting firm. Effective May 3rd, Semple, Marchal & Cooper, LLP has taken over as the new accounting firm after the SEC charged BF Borgers and its owner, Benjamin F. Borgers, with significant failures to comply with the standards set by the Public Company Accounting Oversight Board (PCAOB). These charges were related to audits and reviews of over 1,500 SEC filings conducted between January 2021 and June 2023. As a result, BF Borgers will pay a $12 million civil penalty to settle the charges while Benjamin Borgers will pay a $2 million civil penalty.
In addition to this change in accounting firms, Trump Media CEO Devin Nunes recently accused certain brokerage firms of potential stock manipulation and anomalous trading. In April, Trump Media raised concerns about suspected short-selling activities in its shares in a letter to Nasdaq. This comes after DJT shares are currently trading higher by 3.83% at $49.76. Overall, these recent developments highlight the ongoing challenges and changes within Trump Media & Technology Group Corp as it navigates through various regulatory and market-related issues in the public eye.
