An accounting firm hired to vet Truth Social's financials quit after less than a year

[BumRushDaShow]

Source: Business Insider

Apr 15, 2024, 10:59 PM EDT


The accounting firm that was first hired to audit former President Donald Trump's social media company quit just months after it was appointed, the Financial Times reported on Monday.

WithumSmith+Brown was appointed to vet Trump Media & Technology Group's financials soon after it was founded in early 2021. But the firm resigned before the end of 2021, the FT reported citing people familiar with the matter.

According to the FT's sources, WithumSmith+Brown no longer wanted to be associated with Trump and his company after several months on the job.

The accounting firm declined to comment on why it had resigned when approached by the FT.

Read more: https://www.businessinsider.com/accounting-firm-ditched-truth-social-after-less-than-a-year-2024-4

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Full headline: An accounting firm hired to vet Truth Social's financials quit after less than a year because it no longer wanted to be linked to Trump: FT

[cstanleytech]

1. Makes me think that they found something big and wanted to avoid going down with the ship.

[Scrivener7]

2. Seems like someone should look into that, doesn't it?

[PatSeg]

4. Yeah, I think that's a safe bet

There are no up sides to doing business with anything Trump related.

[Ray Bruns]

3. "no longer wanted to be associated with Trump and his company after several months on the job"

Why would want to be associated with anything Trump is involved with in the first place?

[FakeNoose]

5. It's funded by Russian oligarchs and they're not allowed to actually say that

Probably the accounting firm didn't like being told to make up some fake funding sources because they couldn't reveal the real source. That's it in a nutshell, but I'm sure there's lots more. Can anyone blame them?

[moniss]

7. Along with unresolved

explanations for large "disbursements".

[TexasBushwhacker]

11. There you have it. "Disbursements" are TAXABLE

INCOME."

[erronis]

8. Probably didn't like being paid in rubles, either.

[moniss]

6. Reminds me of some other financial

disasters. Always a bad sign when the people who really know the books at a company don't want anything to do with you.

[RussBLib]

9. That was 3 years ago...

....was any other firm hired to audit them?

[wolfie001]

13. The newer company was in the link

They hired a less than stellar smaller company, BF Borgers. The article stated they have a poor reputation. That would make sense since it's trump. This was one item that stood out:

'BF Borgers was also removed from the American Institute of Certified Public Accountants' peer review program in November "because the firm was found to be so seriously deficient in its performance that education and remedial, corrective actions are not adequate."

[RussBLib]

14. Thanks

...I was rushing earlier and didn't follow the link. Thanks!

[Novara]

10. "no longer wanted to be associated with Trump and his company "

Meaning: we're not going to take the fall for this corrupt piece of garbage.

[WmChris]

12. Maybe

Maybe at least some Accounting firms are willing to limit just how flexible they are willing to be with numbers. 🤔