Trump Media hires new auditor after previous accounting firm charged with 'massive fraud'

• Trump Media hired a new auditor after the Truth Social owner fired its previous public accounting firm, BF Borgers CPA.
• The U.S. Securities and Exchange Commission last week accused BF Borgers of massive fraud in preparing more than 1,500 regulatory filings for public companies.
• Trump Media, which trades under the DJT ticker, said in an SEC filing that it has hired Semple, Marchal & Cooper LLP to replace BF Borgers.
• Former President Donald Trump is the majority shareholder in Trump Media.

Trump Media hired a new auditor over the weekend, after its previous public accounting firm was accused Friday of perpetrating a massive fraud by the U.S. Securities and Exchange Commission.

The Truth Social owner fired BF Borgers CPA after the SEC accused the firm of failing to perform actual audits of its clients, before signing off on more than 1,500 regulatory filings for public companies.

Trump Media said it had engaged Semple, Marchal & Cooper LLP on Saturday to replace BF Borgers.

As part of its settlement with the regulator, BF Borgers and its owner agreed to a permanent ban from auditing public companies.

The ban required Trump Media and other public companies that had used BF Borgers to find new auditors.

"The decision to change independent registered public accounting firms was made with the recommendation and approval of the Audit Committee of the Company," Trump Media said Monday in an 8-K filing to announce its new auditor.

Former President Donald Trump owns 65% of Trump Media's stock, which trades under the DJT ticker, also his initials.

A spokesperson for Trump Media did not immediately respond Monday when CNBC asked whether the company plans to ask Semple, Marchal & Cooper to review the past work done by BF Borgers to