Trump Media picks new accountants after last ones were charged with 'massive' scam

Trump Media has engaged a new Phoenix-based firm after its previous auditors, BF Borgers, settled with the SEC over "massive fraud."

• Trump Media has hired a new accounting firm.
• The SEC charged the company's previous auditor, BF Borgers, with "massive fraud."
• Trump Media's stock price has been all over the place since it went public in March.

Former President Donald Trump's media company hired a new accounting firm Saturday after its previous auditor was banned from practice due to allegations of "massive fraud."

Trump Media & Technology Group has now enlisted Phoenix-based Semple, Marchal & Cooper, according to a Securities and Exchange Commission (SEC) filing.

Trump Media's previous firm, BF Borgers — as well as its owner Benjamin Borgers — settled fraud charges, the SEC said Friday.

Borgers had made more than 1,500 fraudulent filings, the SEC alleged.

The firm changed the dates on work papers to suggest labor it hadn't completed and documented meetings that never happened, the SEC also alleged.

In addition to a collective $14 million civil penalty owed by the firm and Borgers himself, both were permanently banned from practicing public accounting.

A Trump Media spokesperson told Business Insider last week the company planned to hire in a new auditor.

Trump Media is the parent company of right-wing Twitter clone Truth Social and is principally owned by Donald Trump, the presumptive GOP nominee for president.

The company's stock price has been erratic since going public in late March, and currently has a market capitalization of $6.7 billion.