The SEC made no allegation of wrongdoing against Trump Media, which is not mentioned in the charges from the regulator.
The agency described this as “massive” fraud taking place between January 2021 and June 2023.
Later in March, the audit committee of Trump Media approved the hiring of Borgers as the public company’s accounting firm.
Although Trump Media may be the highest profile client of BF Borgers, the firm had 350 clients during this time period subject to SEC rules, according to the agency.
The SEC review only focused on public companies, meaning BF Borgers’ work for Trump Media when it was private was not included.
Neither Trump Media nor BF Borgers responded to requests for comment.
The SEC said in the press release that to settle the charges, BF Borges agreed to pay a $12 million ($18 million) civil penalty and its owner Benjamin Borgers agreed to pay a $US2 million ($3 million) penalty.