Trump Media Will Miss SEC Deadline After Ex-Auditor Is Banned Over ‘Massive Fraud’ Charges

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Trump Trump Media Lawsuit

Trump Media's stock closed at $52.21 on Wednesday.


Trump Media and Technology Group will miss a deadline to file a required Securities and Exchange Commission form, according to a Wednesday filing from the company, after the SEC accused the company’s previous auditing firm earlier this month of “massive fraud” over allegations the firm failed to comply with accounting standards.


KEY FACTS

Trump Media, the parent company of Truth Social, submitted a notification of late filing to the Securities and Exchange Commission, stating it could not provide the required SEC filing within a set deadline because its new auditor has not had time to properly review.

The late filing is form 10-Q, a financial performance report that is required to be filed to the SEC each quarter.

Trump Media was “unable without unreasonable effort and expense” to complete review of its financial statements due to the timing of the appointment of the new auditing firm, Semple, Marchal & Cooper, according to the Wednesday filing.

The late filing notice from Trump Media follows the SEC banning its former auditor, BF Borgers, which was dismissed as the company’s auditor on May 3, one day before Semple, Marchal & Cooper was hired as its new auditor.

FORBES VALUATION

We estimate Trump’s net worth at $7.9 billion, making him the 331st-wealthiest person in the world. His wealth is largely based on his real estate holdings and his shares in Trump Media, the latter of which cannot be sold until the end of a six-month lockup period.

TANGENT

Trump Media’s stock closed down 1.6% on Wednesday at $52.21 per share, despite broader market gains. Shares of the media company have fluctuated wildly and bucked market trends since its initial public offering in March. The stock, which trades under the ticker symbol DJT, traded at $26.21 one month ago.

KEY BACKGROUND

BF Borgers was charged with fraud this month after allegedly failing to comply with required accounting standards and falsely claiming it did so. The charges were settled by BF Borgers for $12 million, while the firm’s owner, Benjamin Borgers, agreed to a $2 million penalty. Borgers and his firm are permanently barred from practicing as accountants, according to the SEC, which alleged the fraud scheme impacted more than 1,500 SEC filings.

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