Securities and Exchange Committee releases Executive Order for those affected by BF Borgers The Securities and Exchange Committee (SEC) has issued an Executive Order in response to those affected by the fraud caused by BF Borgers. The Executive Order aims to give certain...
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This story originally appeared on Due
The Securities and Exchange Committee (SEC) has issued an Executive Order in response to those affected by the fraud caused by BF Borgers.
The Executive Order aims to give certain registrants additional time to file quarterly reports in light of BF Borgers' permanent suspension.
SEC gives extension after BF Borgers fraud case
As we reported, the SEC hammered BF Borgers and founder Benjamin F. Borgers for a massive litany of fraud that spanned two years of ineptitude.
From January 2021 through June 2023, BF Borgers was found to have consistently performed below the regulated levels expected in 1,500 SEC filings or the stringent PCAOB standards. The company was charged for filing improper and misleading documentation, which was falsified to mimic PCAOB standards, a serious breach of regulatory standards.
"Borgers and his firm completely abandoned that role, but thanks to the painstaking work of the SEC staff, Borgers and his sham audit mill have been permanently shut down," Director Grewal concluded.
Benjamin F. Borgers agreed to pay a $2 million fine, and the company BF Borgers agreed to a $12 million fine for its role in this financial fraud saga.
Those who put their trust in BF Borgers will now have extended time to find a new representative who can follow the standards expected of a company at the cutting edge of financial governance.
The SEC statement said, "It is expected that registrants that previously retained BF Borgers will need to engage a new, qualified, independent, PCAOB-registered public accountant to audit or review the financial information included in their Commission filings."
The SEC hopes its extensive crackdown on fraud cases will give other companies pause when it comes to filing discrepancies. The governmental body is incredibly stringent and forceful when it investigates illegal practices.
Image: Ideogram.
The post Securities and Exchange Committee releases Executive Order for those affected by BF Borgers appeared first on Due.
