The wild probe into investors of DWAC, Trump Media’s proposed merger ally. The Truth about Truth Social

[Fenixgoon]

Nothing to see here, this is totally normal:

The man who audited Trump's social-media company misspelled his own name 14 different ways: FT

Ben F Borgers used 14 variations of his name in regulatory filings, including Blake F Borgers and Ben F orgers.

www.businessinsider.com

Plot twist, the accounting firm is a shell company setup by trump to do audits for him and other unsavory characters who want their shady business deals to pass with the thinnest veneer of auditing.

You would think something like this would raise a giant red flag and be investigated. Ah who am I kidding, we're in America. We're too busy keeping black and brown people down 😞

 

[brycejones]

What’s a little corporate fraud after selling fake diplomas. Grift, grift, grift it’s all Trump knows.

 

[VRAMdemon]

Devin Nunes, the current Trump Media CEO blames the plummeting stock price on Joe Biden conspiring with Wall Street to make his life hell.

https://twitter.com/x/status/1781500888466534407

I assume the senile Joe Biden and crackhead Hunter Biden are engaging in this elaborate scheme by trading DJT stocks back and forth, charging each other progressively lower prices on each trade?

It’s easy to drive up the price of a stock; just keep offering more and more money until people decide to take their profit by selling to you. But how does one unilaterally drive the price down? The usual way is to spread rumors of the company’s demise, but these “Hundreds of thousands” of MAGA investors shouldn’t be believing the rumors that Trump sucks as a businessman, right?

 

[brycejones]

Devin Nunes, the current Trump Media CEO blames the plummeting stock price on Joe Biden conspiring with Wall Street to make his life hell.

https://twitter.com/x/status/1781500888466534407

I assume the senile Joe Biden and crackhead Hunter Biden are engaging in this elaborate scheme by trading DJT stocks back and forth, charging each other progressively lower prices on each trade?

It’s easy to drive up the price of a stock; just keep offering more and more money until people decide to take their profit by selling to you. But how does one unilaterally drive the price down? The usual way is to spread rumors of the company’s demise, but these “Hundreds of thousands” of MAGA investors shouldn’t be believing the rumors that Trump sucks as a businessman, right?

Absolutely shocking, the party of checks notes “personal responsibility” once again refuses to take responsibility for the foreseeable consequences of their actions. The half assed financial statements released prior show a business that is a money losing shit show and it’s more than likely even those horrible numbers are fraudulent.

 

[sdifox]

It's not Biden's fault! It's Devin's Cow causing the stock plunge.

 

[Amused]

Welp, it's climbed markedly. From a low of just below 23 on 4/16 to just over 45 today.

I'm guessing just like a mega church, true believers are pumping their life savings into this because of their feels. Only question is, when will the bottom drop out again?

 

[brycejones]

Welp, it's climbed markedly. From a low of just below 23 on 4/16 to just over 45 today.

I'm guessing just like a mega church, true believers are pumping their life savings into this because of their feels. Only question is, when will the bottom drop out again?

It's just the first dead cat bounce

 

[sactoking]

In what should come as a surprise to no one, SEC has charged BF Borgers with "massive fraud" and permanently banned them as serving as an accountant. Links widely available on news site of your choice.

 

[Pens1566]

In what should come as a surprise to no one, SEC has charged BF Borgers with "massive fraud" and permanently banned them as serving as an accountant. Links widely available on news site of your choice.

Yep

https://twitter.com/x/status/1786399998764097856

 

[dank69]

In what should come as a surprise to no one, SEC has charged BF Borgers with "massive fraud" and permanently banned them as serving as an accountant. Links widely available on news site of your choice.

LOL:

The auditor, BF Borgers CPA and its owner Benjamin Borgers agreed to pay a combined $14 million in civil penalties, without admitting or denying the allegations, the SEC said.

They had more than 1500 filings. Probably made hundreds of millions off the books in the process. <redacted>. Crime pays I guess.

 

[Zorba]

Devin Nunes, the current Trump Media CEO blames the plummeting stock price on Joe Biden conspiring with Wall Street to make his life hell.

https://twitter.com/x/status/1781500888466534407

I assume the senile Joe Biden and crackhead Hunter Biden are engaging in this elaborate scheme by trading DJT stocks back and forth, charging each other progressively lower prices on each trade?

It’s easy to drive up the price of a stock; just keep offering more and more money until people decide to take their profit by selling to you. But how does one unilaterally drive the price down? The usual way is to spread rumors of the company’s demise, but these “Hundreds of thousands” of MAGA investors shouldn’t be believing the rumors that Trump sucks as a businessman, right?

Yeah, say what you will about the stock market, but it is ultimately pretty a pretty efficient supply and demand market. If you push stock down too low, more people will buy driving the price up. Just no one thinks it is a serious company/stock and a lot of people got in to ride the hype bubble and then sold out.

 

[hal2kilo]

Yeah, say what you will about the stock market, but it is ultimately pretty a pretty efficient supply and demand market. If you push stock down too low, more people will buy driving the price up. Just no one thinks it is a serious company/stock and a lot of people got in to ride the hype bubble and then sold out.

So it's a meme stock for the cult?

 

[alien42]

LOL:


They had more than 1500 filings. Probably made hundreds of millions off the books in the process. Oh and DWAC up 35% on the day as of this writing. Crime pays I guess.

DWAC doesn't exist anymore, it's DJT now and slightly down so far today .

 

[MrSquished]

I thought they halted shorting on the stock and that helped it bounce back up or did I read that wrong

 

[outriding]

LOL:


They had more than 1500 filings. Probably made hundreds of millions off the books in the process. <redacted>. Crime pays I guess.

And they are perms banned and have to pay a 14 million dollar fine

 

[Pohemi]

And they are perms banned and have to pay a 14 million dollar fine

Dank's point was only that the company likely made 100s of millions from the actions that got them banned, so that $14M fine isn't much punishment.

When the SEC bans "them", do those bans stick with the main culprits in the company, or just the business entity itself? Not sure I'd call them executives, but I'd hope they'd be individually accountable. Not holding my breath on that.

I'm just curious if they can circumvent that ban by liquidating and restructuring/re-forming the company under a new name.

 

[Dave_5k]

When the SEC bans "them", do those bans stick with the main culprits in the company, or just the business entity itself? Not sure I'd call them executives, but I'd hope they'd be individually accountable. Not holding my breath on that.

I'm just curious if they can circumvent that ban by liquidating and restructuring/re-forming the company under a new name.

The SEC press release indicates that the consent settlement is just for the company known as BF Borgers, and its owner Benjamin Borgers. All the fine folks at the firm could reform as "BF Borgers 2" tomorrow, and continue business completely unchanged - with the lone exception that Mr. Borgers could not sign off as an accountant on any submissions to the U.S. SEC.

SEC.gov | SEC Charges Audit Firm BF Borgers and Its Owner with Massive Fraud Affecting More Than 1,500 SEC Filings

www.sec.gov

He could still manage and run the firm, and make any international filings.

 

[Pohemi]

Yeah, I figured as much. That's why it isn't very punative IMO.

 

[hal2kilo]

Truth Social isn't making money? Oh my.

Truth Social keeps tanking: Trump's social media company reports $327 million loss

Former President Trump's social media website is still valued at over $6 billion, despite the reported losses

www.salon.com

 

[Fenixgoon]

this NPR article is kinda wild:

https://www.npr.org/2024/06/02/nx-s1-4987629/djt-truth-social-trump-media-shares-shareholders-conviction-hush-money-trial

“I think he truly cares about the people that support him,” he says. “Because if you look at it, that would be kind of like stabbing everyone in the back. And I don't see him doing that.”

this ending quote from a DJT investor (and political supporter) absolutely kills me. dude has legit thrown everyone under the bus when it is convenient for him to do so. I expect him to cash out at some point. he's not gonna ride a multi-billion dollar stock valuation all the way to $0 (yes he'll crater the stock in the process, but if he gets out before everyone else, he's still ahead of the curve)

 

[dank69]

this NPR article is kinda wild:

https://www.npr.org/2024/06/02/nx-s1-4987629/djt-truth-social-trump-media-shares-shareholders-conviction-hush-money-trial

this ending quote from a DJT investor (and political supporter) absolutely kills me. dude has legit thrown everyone under the bus when it is convenient for him to do so. I expect him to cash out at some point. he's not gonna ride a multi-billion dollar stock valuation all the way to $0 (yes he'll crater the stock in the process, but if he gets out before everyone else, he's still ahead of the curve)

Well they certainly didn't get to be Trump supporters by being smart.

 

[fskimospy]

this NPR article is kinda wild:

https://www.npr.org/2024/06/02/nx-s1-4987629/djt-truth-social-trump-media-shares-shareholders-conviction-hush-money-trial

this ending quote from a DJT investor (and political supporter) absolutely kills me. dude has legit thrown everyone under the bus when it is convenient for him to do so. I expect him to cash out at some point. he's not gonna ride a multi-billion dollar stock valuation all the way to $0 (yes he'll crater the stock in the process, but if he gets out before everyone else, he's still ahead of the curve)

Trump has headed up only one other public company in his lifetime and he screwed all the investors. So I guess we have the same old situation where these morons say to themselves 'he's screwed everyone else but he's not going to screw ME, right?'

Trump scams the people who trust him

It's how he made his fortune, and it's how he'll govern in a second term

www.slowboring.com

 

[K1052]

Trump has headed up only one other public company in his lifetime and he screwed all the investors. So I guess we have the same old situation where these morons say to themselves 'he's screwed everyone else but he's not going to screw ME, right?'

Trump scams the people who trust him

It's how he made his fortune, and it's how he'll govern in a second term

www.slowboring.com

This but for equity holders in a company he runs but are not him: