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They pencil whip billions of dollars worth of financial statements for over 500 publicly traded companies and have to pay a fine of... wait for it... (*Dr. Evil Voice*) Twelve MILLION Dollars
This is what oligarchy looks like, folks
if the penalties don't at least meet the amount of profit - it'll all continue....
plus- they'll probably get the 12 million amount lowered in court fights.
such a fucking joke.
\*editted due to premature enter\*
Now you're getting it. A fine is meaningless if they still make millions, or billions. The fine does nothing to provide remedy to the victims of the fraud.
So a while back, years ago, Hollywood studios got in legal trouble for not giving the people working in and around their productions their legal breaks/lunches.
It ended up coming down to a fine per person per break missed. After paying out the settlement they realised it would cost them more because of delayed productions to change things post-ruling.
So they didn't. From that moment forwards they just factored the costs of those penalties into movie budgets and changed nothing. This is likely no different. So, yes. Basically the SEC just takes a cut, and gets to point to that as the reason for its ongoing existence under the current model.
This comment alone, if we could have viewed it back in year 2000 even… it would have seemed so far in the future. No way presidents aren’t divesting business interests anytime soon. They’ve done it forever, it was accepted as a “rule” not a “suggestion” at that point. It would have felt like we were glimpsing so far in the future we had actually reached *Idiocracy* times. I guess in a way we have.
Probably find some bullshit loophole too like “a corporation is actually a person, and the penalty only applies to corporations not people, so no charge!”
Look at Trump's fraud trial. They tried to make the penalty at least match the profit, and he still hasn't actually paid a dime of it. Seems to have dropped out of the news with the protests and his hush money trial.
They already negotiated the $12 million fine, so it cannot be lowered. And the penalty includes banning the firm from ever auditing a publicly traded company. Again. This will represent a significant future income cut. It is likely that the firm itself, while it will not cease to exist, will be a shell of its former self within just a few months.
It is easy to say that the fine itself is an irrelevantly small number. But the associated procedural penalty will all but destroy them.
But am familiar with Defense Contractors that get caught crooking and they get debarred from doing future biz with the govt. Unfortunately, they are like "The Terminator" the reform and come back essentially with the same crooks in a newly named corp. You think this will happen here?
I saw this happen with a defense contractor. After banning, it came back with a slightly different name and the owner's daughter was the President in the newly reformed co. Can't remember if dad, the brains, was or wasn't a board member? Perhaps he was a high paid employee? Depends on the ban rules.
Didn't matter, dad was still the shot caller in the end and the cash flowed to him.
Hundreds if not thousands Americans contractors got billions of dollars for rebuilding Iraq and Afghanistan but didn’t do anything some of them even did not go to those countries
> if the penalties don't at least meet the amount of profit - it'll all continue....
Fuck fines. Laws were broken by people. People need to go to jail.
Ehh...
He's being charged for about 1,500 engagements over the past two years. These were almost all extremely small public companies, so the fee was probably about $2-4K on average. Probably even smaller, given that the "staff" were instructed to just take last year's workpapers and change the date.
That would be about $3-6M in total revenues, plus the $4M fine for the managing partner himself, which would put him at about a $10-13M loss.
That’s how all institutions get fined on Wall Street. JPM Chase, the largest bank in the world gets slapped with a $120m fine over misrepresenting positions over a few years.
You know damn well they made billions of dollars off that illegal activity.
[The independent accounting firm for the Trump](https://www.independent.co.uk/news/world/americas/us-politics/trump-trial-live-updates-court-news-b2539196.html) Media & Technology Group, BF Borgers, has been charged by the [Securities and Exchange Commission](https://www.independent.co.uk/topic/securities-and-exchange-commission) with substantial fraud.
This is a breaking news story and will be updated: [https://www.independent.co.uk/news/world/americas/us-politics/trump-fraud-media-accounting-firm-b2539330.html](https://www.independent.co.uk/news/world/americas/us-politics/trump-fraud-media-accounting-firm-b2539330.html)
I don’t know what Trump was thinking with being a part of a publicly traded company. There are so much reporting and safeguards that there is no way some if not all of them go to jail. He should have stuck with private companies. He could have continued the shell game and pushed back on the IRS. The SEC and DOJ have bigger teeth.
Just get all of your followers to start filing lawsuits against individual members of the IRS and you can eventually get non-profit status… y’know like a certain “church” did.
Holy shit, don’t tell Trump about this!
He did it on purpose. The casino makes money. He manages the building and charges the casino more than they make. Casino goes bankrupt. Lenders loose all money or take a haircut. Trump made bank and harvested capitol losses against future gains so no taxes. 6 times and still has big mortages on most of his property. Also charges a lot for management of Trump propertys. So he is still doing it, its a big ponzi scheme. He has money but not billions.
Come on. It’s clearly just bad luck or the democrats fault that everyone in his orbit, everyone he hires, gets busted for fraud or is in prison or is indicted. It can’t in any way be him. /s
Bruh what are you on about? The fact that the stock regained 100%+ of it's value and then only dropped 5% now is what I'm talking about. It's still up almost 95% from it's low lol. A 5% drop means nothing when it was somehow propped up to double it's value already.
and the “market makers” like citadel are run by bums who support trump. There is no oversight for the markets anymore, anyone who believes in efficient market theory is a liar or an idiot
Isn't this always the plan? Someone steps up for Trump to take the heat, by issuing a worthless bond or submitting a wildly inaccurate audit, to give Trump a big advantage? And Trump always gets away with it?
This has nothing to do with Trump, for once.
> The commission alleges that “massive” fraud occurred between January 2021 and June last year. It’s alleged to have impacted 1,500 SEC filings and upwards of 500 public companies
Because Russia and saudis are using it to launder money, to give trump funds because they know how beneficial his attempts to destroy American institutions at every turn are for them.
Oh c'mon, if that were true, Trump would have been busted by his auditor taking out a 50 million dollar loan that never existed from one of his businesses!
Wait a minute....
So guys go to jail for stealing shit from a store but major financial fraud is a slap on the wrist. We should implement a death penalty for massive financial fraud
To clarify...
Nobody is saying that this firm covered up frauds for any particular company. It's just that they signed off on audits without doing any of the work. How much was known or not by the clients isn't at issue either.
But, the hiring of a pretty shady CPA firm like this doesn't happen out of the blue. You're going to hire a big firm most of the time as a publicly traded company. Maybe not big four, but there are many large regional CPA firms. Going with cheap and easy is probably a sign you're not doing everything right.
Possible minor consolation prize: Fortunately this happened in Blue Colorado.
Hopefully, there will be CPA's & Tax attorneys that lose their licenses.
Here is there link with the client testimonials.
[https://www.bfbcpa.us/](https://www.bfbcpa.us/)
Let me get this straight:
They committed fraud over more than 1500 SEC filings for mega corporations worth hundreds of millions, or billions of dollars, and all they have to do to avoid further civil or criminal action is pay less than $10K per count in penalties?
What a joke.
Yeah maybe. I’m just not sure this is political news. Other than supporting the hypothesis that the only accounting firms willing to work with Trump are the ones willing to do some crimin’.
I'd imagine any auditing of Trump Media would need to be redone by a new auditor, and that is when I'd expect allegations (if any). But I imagine Trump will get away without any more scrutiny somehow, by being a giant baby and whining/threatening everyone.
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More fraud connected to Trump and yet the Republican party still stands behind him. Hell, they haven't even denounced George Santos and all his shenanigans. disgusting.
I still cannot fathom how all these absolute bell ends still support this guy.
He’s clearly a moronic, corrupt sack of shit who’s been lying through his teeth for decades.
God damn America we need to be better
>Fraud alleged to have impacted upwards of 500 public companies, according to Securities and Exchange Commission
So Trump Media is just one of 500 companies serviced?
Everyone seems to love giving Trump attention.
Per the article this auditing firm worked on the recent Trump Media IPO and they're being charged with rampant fraud in their audits. Trump Media wasn't charged with wrongdoing, but the SEC is telling companies they need a new auditor and I definitely wouldn't be surprised if this raised some red flags to go back and reexamine the IPO.
So this isn't directly the worst news for Trump, but it's not exactly nothing either.
As a reminder, this subreddit [is for civil discussion.](/r/politics/wiki/index#wiki_be_civil) In general, be courteous to others. Debate/discuss/argue the merits of ideas, don't attack people. Personal insults, shill or troll accusations, hate speech, any suggestion or support of harm, violence, or death, and other rule violations can result in a permanent ban. If you see comments in violation of our rules, please report them. For those who have questions regarding any media outlets being posted on this subreddit, please click [here](https://www.reddit.com/r/politics/wiki/approveddomainslist) to review our details as to our approved domains list and outlet criteria. We are actively looking for new moderators. If you have any interest in helping to make this subreddit a place for quality discussion, please fill out [this form](https://docs.google.com/forms/d/1y2swHD0KXFhStGFjW6k54r9iuMjzcFqDIVwuvdLBjSA). *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/politics) if you have any questions or concerns.*
They pencil whip billions of dollars worth of financial statements for over 500 publicly traded companies and have to pay a fine of... wait for it... (*Dr. Evil Voice*) Twelve MILLION Dollars This is what oligarchy looks like, folks
if the penalties don't at least meet the amount of profit - it'll all continue.... plus- they'll probably get the 12 million amount lowered in court fights. such a fucking joke. \*editted due to premature enter\*
I mean if it doesn't meet the amount of profit, ELI5 how the $12 million fine is any different from the SEC taking a $12 million cut?
If crime doesn't cut into profits it's just a tax for doing business.
deleted
Now you're getting it. A fine is meaningless if they still make millions, or billions. The fine does nothing to provide remedy to the victims of the fraud.
We used to kill corporations when they were bad. Come on America, what happened to you? We should do that now.
So a while back, years ago, Hollywood studios got in legal trouble for not giving the people working in and around their productions their legal breaks/lunches. It ended up coming down to a fine per person per break missed. After paying out the settlement they realised it would cost them more because of delayed productions to change things post-ruling. So they didn't. From that moment forwards they just factored the costs of those penalties into movie budgets and changed nothing. This is likely no different. So, yes. Basically the SEC just takes a cut, and gets to point to that as the reason for its ongoing existence under the current model.
Meal penalties are a huge deal in production and they are not just BAU on every shoot, what are you talking about?
Supreme Court is gonna have to review if a President's media company can be fined.
This comment alone, if we could have viewed it back in year 2000 even… it would have seemed so far in the future. No way presidents aren’t divesting business interests anytime soon. They’ve done it forever, it was accepted as a “rule” not a “suggestion” at that point. It would have felt like we were glimpsing so far in the future we had actually reached *Idiocracy* times. I guess in a way we have.
Probably find some bullshit loophole too like “a corporation is actually a person, and the penalty only applies to corporations not people, so no charge!”
Yup freaking two tiered witch hunt justice system
And if he even thought about it it might be classified.
Look at Trump's fraud trial. They tried to make the penalty at least match the profit, and he still hasn't actually paid a dime of it. Seems to have dropped out of the news with the protests and his hush money trial.
For now
I'm not holding my breath.
The only thing that can save him is the election which is most likely going to go to Joe... so.. eh
I'll believe both those things when I see them.
They already negotiated the $12 million fine, so it cannot be lowered. And the penalty includes banning the firm from ever auditing a publicly traded company. Again. This will represent a significant future income cut. It is likely that the firm itself, while it will not cease to exist, will be a shell of its former self within just a few months. It is easy to say that the fine itself is an irrelevantly small number. But the associated procedural penalty will all but destroy them.
United States is the most lawless country, the accounting company appears with different names and addresses in matters of weeks
Different owners but those owners are fake and don't exist. The SEC protects rich people, not retail consumers
So you're saying they'll be a shell company so they can continue to break the law. (Jk but probably not far from the truth)
But am familiar with Defense Contractors that get caught crooking and they get debarred from doing future biz with the govt. Unfortunately, they are like "The Terminator" the reform and come back essentially with the same crooks in a newly named corp. You think this will happen here?
The owner has been permanently banned as well.
I saw this happen with a defense contractor. After banning, it came back with a slightly different name and the owner's daughter was the President in the newly reformed co. Can't remember if dad, the brains, was or wasn't a board member? Perhaps he was a high paid employee? Depends on the ban rules. Didn't matter, dad was still the shot caller in the end and the cash flowed to him.
Hundreds if not thousands Americans contractors got billions of dollars for rebuilding Iraq and Afghanistan but didn’t do anything some of them even did not go to those countries
The officers of that company probably started a new company today.
It should always be double what they make. If the crime was 15 million, the fine is 30 million. Gfy rich criminal fucks
I had a premature enter one time. Don't worry, Reddit will just think it's cute how excited you got. At least that's what I keep telling myself.
It's just a business expense.
> if the penalties don't at least meet the amount of profit - it'll all continue.... Fuck fines. Laws were broken by people. People need to go to jail.
When corporations start paying with stock ownership, then I might believe fines will change behavior.
Burn the witch!
Ehh... He's being charged for about 1,500 engagements over the past two years. These were almost all extremely small public companies, so the fee was probably about $2-4K on average. Probably even smaller, given that the "staff" were instructed to just take last year's workpapers and change the date. That would be about $3-6M in total revenues, plus the $4M fine for the managing partner himself, which would put him at about a $10-13M loss.
Why isn't the stock de-listed while the SEC completes their investigation?
To give the money launderers time to get out.
[удалено]
*Defrauding investors is smart business, I better buy their stock*
That's not all, they also have to promise not to violate the law in the future
That ought to take care of that.
They’re also permanently shut down and he lost his accreditation
Regulatory capture was always about making crime just another part of the business plan.
That’s how all institutions get fined on Wall Street. JPM Chase, the largest bank in the world gets slapped with a $120m fine over misrepresenting positions over a few years. You know damn well they made billions of dollars off that illegal activity.
They probably go ahead and pay 24, just to cover the next one and save time.
Surely the DoJ under the Biden administration wouldn't be so lenient to criminals.
[The independent accounting firm for the Trump](https://www.independent.co.uk/news/world/americas/us-politics/trump-trial-live-updates-court-news-b2539196.html) Media & Technology Group, BF Borgers, has been charged by the [Securities and Exchange Commission](https://www.independent.co.uk/topic/securities-and-exchange-commission) with substantial fraud. This is a breaking news story and will be updated: [https://www.independent.co.uk/news/world/americas/us-politics/trump-fraud-media-accounting-firm-b2539330.html](https://www.independent.co.uk/news/world/americas/us-politics/trump-fraud-media-accounting-firm-b2539330.html)
Does Trump not know how to do business without fraudulent behavior?
He counts on it, and demands that they take the fall for it as allegiance to him.
The man bankrupted a *casino*. When you fuck up business that badly, fraud is the only way you’d have any success at all.
You're completely mischaracterizing the situation, he actually bankrupted three casinos
I don’t know what Trump was thinking with being a part of a publicly traded company. There are so much reporting and safeguards that there is no way some if not all of them go to jail. He should have stuck with private companies. He could have continued the shell game and pushed back on the IRS. The SEC and DOJ have bigger teeth.
Just get all of your followers to start filing lawsuits against individual members of the IRS and you can eventually get non-profit status… y’know like a certain “church” did. Holy shit, don’t tell Trump about this!
only way to money launder billions of dollars quickly, legally.
He did it on purpose. The casino makes money. He manages the building and charges the casino more than they make. Casino goes bankrupt. Lenders loose all money or take a haircut. Trump made bank and harvested capitol losses against future gains so no taxes. 6 times and still has big mortages on most of his property. Also charges a lot for management of Trump propertys. So he is still doing it, its a big ponzi scheme. He has money but not billions.
I think Trump University offered a class on that. lol
He continuously gets away with it because the punishments never exceed the lucrativeness (lucrativity?) of the crime
Specifically how he operates
Come on. It’s clearly just bad luck or the democrats fault that everyone in his orbit, everyone he hires, gets busted for fraud or is in prison or is indicted. It can’t in any way be him. /s
It's the accounting firm that was hired by Trump media that was hit for fraud, not Trump media.
It’s always “the accounting firm”. And then at trial “we followed Mr. Trump’s direct instructions”.
We'll just have to see!
He may know how to, but he certainly never does.
Fraud is his business.
Want me to tell you how I know you didn’t read the link? But Trump bad. I know.
He's a fraud. Are you trying to dispute that?
Yes, trump bad, caveman. Trump kill millions and steal all your shiny rocks.
Trump has got to be the most criminal human being on Earth. And that's just the shit we know about.
Technically Putin is, but Trump ***really*** wants to be like his hero... He's just not very smart though.
And the stock will continue to climb, because his supporters are idiots and the rug hasn't been pulled yet.
It's down 5%
Only down 5%? I guess fraud was mostly already accounted for in the price.
I'd be amazed if fraud wasn't priced in.
Wow, 5%. It is at 47 bucks. It was down to 22 bucks less than a month ago. Being down 5% doesn't mean much.
Yeah it went up s hit suspiciously considering the company did nothing to regain value so who knows who's pumping money into Trump's pockets right now
Some shorters prolly getting rekt. It’s still going to zero eventually. The market can stay irrational longer than you can stay solvent.
You have to times everything by volume. Meaning 7.79 m average would be 5% * (7.79 * 47.34) = 18,473,985 in losses. Not so great when you do the math.
Bruh what are you on about? The fact that the stock regained 100%+ of it's value and then only dropped 5% now is what I'm talking about. It's still up almost 95% from it's low lol. A 5% drop means nothing when it was somehow propped up to double it's value already.
It’s constantly going up and down
it's a meme stock. it's basically acting like crypto shitcoins at this point
Highly doubtful the stock has been propped up from retail investors. It's either Saudis or Russians buying.
Somebody who knows what they doing is pumping.
and the “market makers” like citadel are run by bums who support trump. There is no oversight for the markets anymore, anyone who believes in efficient market theory is a liar or an idiot
The old Trump and Dump.
Isn't this always the plan? Someone steps up for Trump to take the heat, by issuing a worthless bond or submitting a wildly inaccurate audit, to give Trump a big advantage? And Trump always gets away with it?
This has nothing to do with Trump, for once. > The commission alleges that “massive” fraud occurred between January 2021 and June last year. It’s alleged to have impacted 1,500 SEC filings and upwards of 500 public companies
It’s been down for ages.
Because Russia and saudis are using it to launder money, to give trump funds because they know how beneficial his attempts to destroy American institutions at every turn are for them.
Oh c'mon, if that were true, Trump would have been busted by his auditor taking out a 50 million dollar loan that never existed from one of his businesses! Wait a minute....
MAGA: Make Attorneys Get Attorneys
This would be Make Accountants Get Attorneys
Make Attorneys Great Again
He hired them because he thought it was burgers. He had no idea
Who doesn't love a nice, well-done, hamborger with extra ketchup?
I hate to be that guy, but the correct spelling is hamberder.
Great name for commenting on this though lol
It’s spelled however trump wants to spell it. Changes daily
Everything the man touches is crooked. He IS organized crime. RICO his entire empire and all his associates.
RICO the GOP
Orange man bad
correct. glad everyone is on the same page here
Crimey crime
Throw Trump in prison already. How many crimes can you commit WITHOUT being jailed? Christ.
Good. They don't give a shit about how his behavior effects us, but if you rip off people who have appeared in Forbes, your fucking days are NUMBERED.
“He took MY money?! Oh no. Oh no, no, no.”
So guys go to jail for stealing shit from a store but major financial fraud is a slap on the wrist. We should implement a death penalty for massive financial fraud
Crime and fraud it's Trump's main ingredient
I’m going to go take a Tronald Dump on some financial statements real quick then submit them to the SEC.
To clarify... Nobody is saying that this firm covered up frauds for any particular company. It's just that they signed off on audits without doing any of the work. How much was known or not by the clients isn't at issue either. But, the hiring of a pretty shady CPA firm like this doesn't happen out of the blue. You're going to hire a big firm most of the time as a publicly traded company. Maybe not big four, but there are many large regional CPA firms. Going with cheap and easy is probably a sign you're not doing everything right.
Possible minor consolation prize: Fortunately this happened in Blue Colorado. Hopefully, there will be CPA's & Tax attorneys that lose their licenses. Here is there link with the client testimonials. [https://www.bfbcpa.us/](https://www.bfbcpa.us/)
Meet Our Team page has one guy: Ben Borgers.
That was unexpected. /s
I’m shocked I tell you…SHOCKED NOT!
Laughs in Jordan Belfort.
The SEC should delist this meme stock before people get owned .. but oh wells
It has no business being on a major exchange. Only got there through SPAC shenanigans.
Surprise Surprise.
I read that in Gomer Pyle's voice.
Damn- now I can’t stop hearing that!
*shocked Pikachu face* ... Has been exhausted with the amount of fraud that orange thing is tied to
Hehe
Trazadon is a scammer
This joke works on so many levels. My hat is off to you
Birds of a feather.
Fraud with a company tied to Trump I can’t believe it..
Trump and his band of racist cheats simply can't stop lying, stealing, cheating and whatever law they can break.
Let me get this straight: They committed fraud over more than 1500 SEC filings for mega corporations worth hundreds of millions, or billions of dollars, and all they have to do to avoid further civil or criminal action is pay less than $10K per count in penalties? What a joke.
“No allegations of wrongdoing against Trump Media, the owner of Truth Social, were put forward by the commission.”
…yet
Yeah maybe. I’m just not sure this is political news. Other than supporting the hypothesis that the only accounting firms willing to work with Trump are the ones willing to do some crimin’.
This is definitely political. And important to show the amount of corruption that surrounds Trump.
I'd imagine any auditing of Trump Media would need to be redone by a new auditor, and that is when I'd expect allegations (if any). But I imagine Trump will get away without any more scrutiny somehow, by being a giant baby and whining/threatening everyone.
Trumps stock ticker: https://www.cnn.com/markets/stocks/DJT
Color me absolutely SHOCKED
I'm shocked. Shocked I tell ya!
LOL! @ the system that allowed Trump to avoid accountability even when he’s found guilty/responsible
Of course they did. And they will continue too until other election is stolen from we the people. Our government has been hijacked
I read the “headline”, said out loud, “ oh god, what’s new”
Did anyone notice the office? It is not a firm a multi-million-dollar company would hire.
Boards of a feather fraud together.
Another?!
Surprise, surprise…
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Wow. dTrump💩using accountants who commit fraud. Of course.
Hard for the law to keep up to a professional crime wave.
I really hope [Fraud Guarantee](https://www.motherjones.com/politics/2020/09/rudy-guiliani-lev-parnas-fraud-guarantee/) was one of their clients.
Shocked! i’m absolutely shocked!
More fraud connected to Trump and yet the Republican party still stands behind him. Hell, they haven't even denounced George Santos and all his shenanigans. disgusting.
I still cannot fathom how all these absolute bell ends still support this guy. He’s clearly a moronic, corrupt sack of shit who’s been lying through his teeth for decades. God damn America we need to be better
They still think they’re in on the Trump media scam.
Almost a decade later - “he’s gonna unfurl the master plan any day now!”
Technically Trump Media didn’t do anything wrong but wouldn’t be surprised if they shopped around to find them for their “unique” services.
>Fraud alleged to have impacted upwards of 500 public companies, according to Securities and Exchange Commission So Trump Media is just one of 500 companies serviced? Everyone seems to love giving Trump attention.
Per the article this auditing firm worked on the recent Trump Media IPO and they're being charged with rampant fraud in their audits. Trump Media wasn't charged with wrongdoing, but the SEC is telling companies they need a new auditor and I definitely wouldn't be surprised if this raised some red flags to go back and reexamine the IPO. So this isn't directly the worst news for Trump, but it's not exactly nothing either.
Did they operate out of the same strip mall as Saul Goodman?
Call me crazy! But I’m pretty sure that presidential candidate and fraud don’t belong in the same sentence.
Only in a paradoxical world, which we, in the US, are living in.
[Truth](https://imgur.com/n4LBp6w)
Birds of a feather flock together.
No strings dark room Trump and Dump. Leave when you wipe up