The MeidasTouch Podcast - SECRETS of Trump’s Shady Auditor FINALLY REVEALED…

Episode Date: April 10, 2024

MeidasTouch host Ben Meiselas reports on new details that have emerged about the auditor for Trump’s failing publicly traded media company. Go to https://magicspoon.com/MEIDAS to grab a variety pack and try it today! And be sure to use our promo code MEIDAS at checkout to save five dollars off your order! Visit https://meidastouch.com for more! Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast The Influence Continuum: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan Mea Culpa with Michael Cohen: https://www.meidastouch.com/tag/mea-culpa-with-michael-cohen The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show Burn the Boats: https://www.meidastouch.com/tag/burn-the-boats Majority 54: https://www.meidastouch.com/tag/majority-54 Political Beatdown: https://www.meidastouch.com/tag/political-beatdown Lights On with Jessica Denson: https://www.meidastouch.com/tag/lights-on-with-jessica-denson On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Uncovered: https://www.meidastouch.com/tag/maga-uncovered Learn more about your ad choices. Visit megaphone.fm/adchoices

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BetMGM operates pursuant to an operating agreement with iGaming Ontario. As Donald Trump's stock with Trump media continues to tank, we're learning more about the shady figures that are associated with it, like all things with Donald Trump. I mean, we previously reported about the bank, Paxson Bank, with a family trust that had to be opened up because the bank that primarily does business with porn companies couldn't do business and make the loan in the United States. So they had to funnel it through a family trust on the island of Dominica where the bank was. And then this trust had to funnel the money. And then the person who started the trust is related to someone who's

very close with Vladimir Putin. So we did that reporting. We've gone through the balance sheets with you and the P&Ls, the profit and loss statements. We showed the $58 million loss. And we showed that in the fourth quarter, Trump media only made $1.2 million for the entire 2023. Trump media only generated about $4.1 million in revenue, million with an M. Then remember we showed you the report of the independent auditor, someone named Ben Borgers. Remember that guy?

And to his credit, at least here, as it relates to the audit performed on Trump media, the independent auditor in the filing from last week that went before the SEC said that there is a substantial doubt about Trump media even existing as a going concern given its massive losses. And we also talked about how the Trump media, which controls Truth Social, which is its only real asset, gets like less than 10 million users a month, which is like less than we get here on

the Midas Touch YouTube channel in a 48 hour period here by actually a significant margin as well. So all of these red flags and, but now we're learning more about this Ben Borgers. I'm like, I'm thinking to myself, I'm like, okay, normally for these types of audits, you go to one of the big four accounting companies for publicly traded companies. And I'm like, who's Ben Borgers? So I even wanted to look at like the office of like who this person is. Here's the office of Ben Borgers. It looks like a little tiny office. I think people have compared it to like a bathroom at a rest stop off the highway. But this is the accounting firm. So that raised a red flag right there. Also the description of like Ben Borgers and like listing his hobbies. And he hasn't really

been an accountant for all of that long. And I said to myself, and I mean, I said it out loud here. I said, I don't know. I don't know if Borgers is a good accountant or a bad accountant. I just know this smells really bad, like all things involving Donald Trump that stink. This stinks to high, you know what. You know, it kind of reminds me of like when Donald Trump wanted a doctor's report. He went to Dr. Bornstein who just dictated whatever Donald Trump told him to do. When Donald Trump tried to post a bond in the New York Attorney General civil fraud case. He went to Don Hankey whose bond company does not even have the minimum in reserves to apparently be a valid surety to even post the reduced bond of $175 million, which then Donald Trump wants to whine about. When you talk about

Donald Trump's lawyers, it's people like Alina Haba, who were like parking lot lawyers before kind of working for Donald Trump, who don't even know how to introduce evidence at trial. When you talk about people like Kash Patel and others who Donald Trump surrounds himself with, you know, one of the most dangerous and frightening aspects about Donald Trump has nothing to do with the politics or it has to do a lot with just basic competence. He surrounds himself with some of the worst of the worst. It's why he hates people like Dr. Fauci, who are accomplished. He hates people like retired former chairman of the Joint Chiefs of Staff, Mark Milley, and military leaders who are diligent. Trump prefers people who will praise him and worship him, who are complete idiots that make

Donald Trump feel better than them. And that's always historically for Donald Trump resulted. It has devastating results. Trump's not a builder. Trump is a destroyer his entire life, bankrupting company after company and other companies. He lent his name out to be licensed, going out of business. I digress, but it's an important point as we talk about this article from the Financial Times that did a deeper dive into Ben Borgers. Who is Ben Borgers? And here's the headline. Trump media auditor Ben Borgers has faced repeated criticism from regulators.

Colorado's BF Borgers has built the eighth largest client list of any U.S. audit firm in just 15 years. And here's what it says. It talks about how BF Borger's inspection record is among the worst of the hundreds of audit firms overseen by the PCAOB, showing a 100% deficiency rate in each of the past two years. Examiners found flaws in 21 of the 21 audits they sampled. So they audited the auditor and found a 100% deficiency rate, including failures to properly check accounts and to test accounting policies. That's who is the independent auditor of this thing. And just so you know, what's PCAOB stand for? It stands for the Public Company Accounting Oversight Board, which is a nonprofit corporation established by Congress to oversee the audits of public companies

in order to protect investors and to further the public's interest. That's why it is so important, the PCAOB, and why you have to conform your audits to PCAOB standards. Think about that almost like a state bar, like regulators when it comes to the practice of law, but this for accountants, but specifically accountants who do work like this for public oversight and public companies. Regulators also barred two separate BF Borgers audit directors from doing work on U.S. public companies in the past five years, each time for breaches of U.S. auditing standards. The PCAOB is not the only regulator to have raised issues with BF Borger's work.

Last month, the Colorado State Board of Accountancy fined Ben Borger's $5,000 and issued a letter of admonition after ruling that he failed to conduct retirement plan audits with due care. In December, Canada's audit regulator banned BF Borgers from taking on new clients north of the border after finding 19 violations of professional standards in its audit of Canadian companies. Asked for comment on its choice of this auditor, who's got a 100% deficiency rate by PCAOB, Trump Media Group responded, quote, "'With stories like this preemptively attacking our auditors

"'before they've even begun their work for us "'as a public company, it's unclear why anyone "'but the most partisan left-wing activists would ever read the Financial Times. Ah, yes, the Financial Times, the beacon of left-wing activists. Growing up, cereal is one of the best parts of being a kid. But as I got older, I had to watch out for sugar and empty carbs. Magic Spoon has the amazing flavors you love, but high protein and less sugar. Like with the variety pack, four flavors are cocoa, fruity, frosted, and peanut butter. This pack has zero grams of sugar, 13 to 14 grams of protein, and four to five grams of net carbs.

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no questions asked. Remember, start your day off right with a delicious bowl of high protein cereal at magicspoon.com slash Midas and use the code Midas, that's M-E-I-D-A-S, to save $5 off. Thank you, Magic Spoon, for sponsoring this episode. And also, this is not preemptively attacking the Borgers. No, Ben Borgers, to his credit, did prepare an independent audit already that has been filed with the SEC. This is a publicly traded company. And the audit says that there are substantial doubts about Trump media as an ongoing concern because of the massive amount of losses. So if Ben Borgers is saying that, how extra devastating must it actually be if Borgers is saying that?

No one, this isn't the deep state, this, that, that. It's just a bunch of Donald Trump and MAGA whining when the reality is, is that this independent auditor has got some serious issues, according to this Financial Times article and according to regulators. It also talks about how BF Borgers has become a prolific ordiner now, just 15 years after its foundation, and regulators are warning that it has taken on new clients faster than it can manage. The Colorado firm set up in 2009 by a former IT consultant and Jeep enthusiast, Ben Borgers, was thrust into the spotlight this week when its audit report on Trump flagged the newly listed social

media group could run out of money within the year. The Trump Media parent company of the social network, Truth Social, has immediately become BF Borger's highest profile client. But it's just one of more than 170 U.S. public companies that the firm has taken on during the short history of DOG and has all this criticism over the quality of its work. It's now the eighth largest audit firm in the country by number of clients, while still operating out of a single-story office building in Lakewood with just 50 staff, only 10 of whom are certified public accountants, according to its latest regulatory filings. Now, who are the

types of clients that BF Borgers has been targeting. Borgers has targeted small and micro-cap companies unable or unwilling to pay the higher rates charged by larger rivals and appear to have kept its fees low by piling work onto its founder in particular. Ben Borgers is now personally signing 143 public company audit opinions in the past year, according to the research firm Idigen Audit Analytics, five times more than any other U.S. accountant. Quote, the firm significantly increased its number of issuer audit clients without corresponding increase in the number of firm partners. The Public Company Accounting Oversight Board, PCAOB,

the U.S. audit regulator, said the PCAOB criticized the tone at the top of the firm and said that Borgers management, quote, lacks the necessary commitment to undertake only those engagements that it can reasonably expect will be completed with professional competence. You don't get more scathing than that. Maybe you do, but that's pretty damn scathing right there. So yet someone else who Trump is bringing into his orbit that has all of these issues. And one of the things I just want to cover here at the Midas Touch Network is this is not partisan. Trump wants to make it partisan. That's why he goes, the far left radical financial times, they're leftist activists. What Magid tries to do is make issues of basic competence and fact and objective reality. They want to frame it as a partisan issue so that when people are critical of the lack of competence

or critical of just objective lies and falsehoods and conspiracies, oh, that's just leftist. I think this story highlights that aspect. That's why whatever political party you are, Democrat, Republican, mainstream Republican, this MAGA thing is different. That's one of the messages I keep saying.

It's incompetent. It's odd. It's wannabe fascism. Everything's gaslighting. Everything is lies. Everything is like this. I'm Ben Mycelis, not Ben Borgers. It's subscribe. We're on our way to 3 million subscribers. Thanks to your support. Love this video? Make sure you stay up to date on the latest breaking news and

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