Wall Street is generally convinced the economic health of the U.S. consumer is remarkably better than expected after COVID, but one analyst has pointed out there’s a gaping hole in the picture. He calls it “phantom debt”—spending on “buy now, pay later” (BNPL) platforms, which often goes unrecorded by credit agencies. Big bank CEOs have […]
Financial regulators permanently banned the accounting firm that the parent company of Donald Trump’s media platform hired in an enforcement action after an investigation revealed that the firm wasn’t really conducting audits and instead just pasted old work into new papers and forged the date. The investigation results did not include work performed for the […]
BF Borgers, Trump Media & Technology Group’s independent accounting firm, was charged by the Securities and Exchange Commission on Friday with widespread fraud and accused of operating a “sham audit mill.” The SEC made no allegation of wrongdoing against Truth Social owner Trump Media (DJT), which is not mentioned in the charges from the regulator. […]
The independent accounting firm for the Trump Media & Technology Group, BF Borgers, has been charged by the Securities and Exchange Commission with substantial fraud. The firm now faces allegations that they were running a “sham audit mill,” the SEC said in a statement. No allegations of wrongdoing against Trump Media, the owner of Truth […]
(Bloomberg) — The Securities and Exchange Commission accused the auditor of Donald Trump’s social-media company of massive fraud that affected more than 1,500 regulatory filings. Most Read from Bloomberg BF Borgers CPA PC and its founder, Benjamin Borgers, will be permanently suspended from practicing and appearing as accountants before the SEC, and will pay a […]
MicroStrategy could boost earnings by over $3 billion if it chooses to adopt new standards, the report said. Benchmark said if the company reports positive earnings it meets the final condition for S&P 500 inclusion. This would boost MicroStrategy’s valuation as index funds would be forced to buy the stock, the broker said. MicroStrategy (MSTR) […]
Apr. 16—EAST GRAND FORKS — The East Grand Forks City Council approved beginning the process to fill an empty accounting position and also to begin the search for the next economic development director. With the hiring processes approved, the city is hoping to have the positions filled by the end of summer. The accounting position […]
WithumSmith+Brown quit being the auditor for Trump Media just months after being appointed. The firm didn’t want to be associated with Donald Trump and his company, per the Financial Times. Trump Media’s share prices have plunged in the weeks since it went public. The accounting firm that was first hired to audit former President Donald […]
(Bloomberg) — Donald Trump’s social-media company just became the most valuable publicly traded client of an accounting firm that has more experience auditing companies traded over-the-counter and has had a string of regulatory issues, including a 100% deficiency rate on audits reviewed by a US watchdog. Most Read from Bloomberg Trump Media & Technology Group […]
(Bloomberg) — Archer-Daniels-Midland Co. revised its intersegment sales for the last three years following an internal probe into its financial reporting and disclosed a $137 million impairment charge related to its animal nutrition unit. The shares rose in early trading. Most Read from Bloomberg Operating profits and intersegment revenues at its nutrition business were adjusted […]
(Reuters) — Global grains merchant Archer-Daniels-Midland said on Tuesday some of its employees have received subpoenas from the Department of Justice amid an ongoing investigation over its accounting practices. Shares of ADM rose almost 2% in premarket trading. The investigations have brought more uncertainty to ADM’s high-margin nutrition segment, which has struggled to meet lofty […]
(Bloomberg) — Archer-Daniels-Midland Co., the US agricultural trader, said it has delayed the publication of its annual report and warned that it anticipates reporting a “material weakness” in the company’s internal financial reporting practices. Most Read from Bloomberg The brief update is the first from ADM since it stunned investors and the commodities trading world […]