The MeidasTouch Podcast - Trump Makes New STOCK FILING with MAJOR RED FLAGS

Episode Date: May 18, 2024

MeidasTouch host Ben Meiselas reports on Donald Trump’s latest stock filing where he throws his auditor under the bus who he used for his prior stunt to go public. Lomi: Visit https://Lomi.com/MEIDAS and use code MEIDAS at checkout to save $50! Visit https://meidastouch.com for more! Join us on Patreon: https://patreon.com/meidastouch 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 Learn more about your ad choices. Visit megaphone.fm/adchoices

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and other insiders can't sell the stock, but I want to drag other retail investors along and not communicate to the public what a bad company this is. Hypothetically, what would I do or what can you do if you're thinking nefariously like Trump media? Well, I think one of the things you can do is not release a quarterly financial results because you blame the fact that your auditor just entered into a settlement agreement with the SEC for running a fraudulent audit mill that anybody who has some financial wherewithal could see coming, especially when you're Trump media and you brought on this audit mill when your prior independent auditors resigned and refused to work with you. Let's break this all down, but we're talking about the Trump media stock right now. We're talking about how even though previously Trump media lost $58 million or $59 million in 2023 and only earned $4 million in revenue. The stock is trading at a valuation that is thousands of times what any, I think,

and this again, my opinion, normal valuation would be. I'm not giving financial advice. I'm just giving you my opinions. I want to share with you the recent financial filing, the recent quarterly filing by Trump media where they're saying that there is a delay in the financial filing because of their auditor. This is what's called a Form 12b-5 and here's what it says. It says, if the subject report cannot be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12B-25B, the following should be completed. And it says, state below in reasonable detail the reasons why forms 10-K, 20-F, 11-K, 10-Q, and N-SAR, or the transition report or portion thereof, cannot be filed within the prescribed time period. So here, Trump Media is saying that they can't file their financials because something happened. So they have to file what's called a Form 12B-25

to explain this event, why they can't disclose additional financial results. And here's what they say. On May 3rd, 2024, the Securities and Exchange Commission announced it had settled charges against BF Borgers, CPA. As part of the settlement, BF Borgers agreed to a permanent ban on appearing or practicing before the SEC. As previously reported in the company's current report on Form 8K, filed with the Commission on May 6, 2024, the company dismissed BF Borgers as its auditor, effective May 3, 2024, and on May 4, 2024, appointed Semple, Marshall, and Cooper, LLC, SMC, as its new auditor. Due to the timing of SMC, the company, the company is referring to Trump Media, was unable, without unreasonable

effort and expense, to complete the review of the company's financial statements for the quarter ending in March 31, 2024, before the required filing date for the quarterly report on Form 10-Q. The registrant intends to file the subject quarterly report on Form 10Q on or before the fifth calendar day following the prescribed due date, and then it's signed by the General Counsel of Trump Media, Scott Glabe. In other words, Trump Media is unable to file its first quarterly financial results since it went public and filed its 2023 results, and it can't file it because of BF Borgers. But wait a minute, if we go and look at the statement that Trump media previously made about BF Borgers when Midas Touch was reporting on all the shadiness and so was the Financial Times and other media outlets. You remember what Trump media said a few months back

about BF Borgers when lots of when we were criticizing them when the Financial Times was criticizing them when a lot was unearthed about the behavior of BF Borgers. As for comment on its choice of auditor, Trump Media Group said the following, With stories like this preemptively attacking our auditors before they 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. So Trump media put out a statement attacking people like the Financial Times and others who were calling out the fact that BF Borgers had this very shady past. Hello, Midas Mighty. April is Earth Month, and I'm always on the lookout for ways to reduce my carbon footprint while making my own life more sustainable. I found an amazing food waste

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head to l-o-m-i.com slash m-e-i-d-a-s and use that promo code Midas at checkout. Thank you, Lomi, for sponsoring this episode. Now, do you remember what happened before BF Borgers was appointed? You go back to 2021, Trump media, before it merges with the SPAC and before it goes public, right? It's on the verge of bankruptcy. And so what happens? The head of the SPAC, this guy, Patrick Orlando, helps Trump media find a loan from a bank in the island of Dominica that's not authorized to do business in the United States. So a family trust has to be created. This family trust, by the way, was reported by The Guardian and others, has links to Russia and Vladimir Putin and people close with Putin, the people who control this trusted. About $6 million this family trusted from Dominica, which purportedly, reportedly has those links. And they bailed Trump media out. As Trump media was getting ready to go public, Trump's media's auditors quit abruptly and said that these financials cannot be relied on.

So there was an auditor by the name of Markham, M-A-R-C-U-M. They quit before finishing its financial results. There was also another auditor for Trump Media that quit as well called Witham, Smith & Brown. They quit Trump Media just months after being appointed. So you have this shady loan or this reportedly shady loan to Trump Media. You have other auditors quitting. So Trump Media then went to BF Borgers to sign off on the audit to allow this merger to take place where no other auditor would sign off on it. Now, why is BF Borgers now banned from doing business with the SEC? Why did the SEC basically drop the hammer on them? Well, the SEC said that they were running a fraudulent audit mill and engaged in massive financial fraud, whereby BF Borgers would

just sign off on audits to help companies basically go public and fulfill financial obligations by just checking the box, but not actually doing the work behind it. So what we had was BF Borgers stepping in after these other independent auditors quit. BF Borgers is now accused by the SEC and they're now banned from doing business of being an audit mill and running an audit mill. When red flags were raised about BF Borgers being an audit mill, Trump media attacked people and said, leftist, partisan, all of these things. And now that Trump media is trading publicly, they got what they wanted out of BF Borgers, right? The audit mill, the alleged audit mill that signed off on the audit to allow Trump media

to go public. Now, Trump media doesn't want to release their quarterly results, in my opinion, because they're not very good. Again, this is just my opinion. So what do they do? They now fire BF Borgers. They bring on a new auditor. They file the form that I just discussed, which says we can't file our quarterly financial statements by blaming BF Borgers, who they previously stood behind and supported when they made them public. And now Trump media is not timely releasing its financials. So again, we know they lost like $58 million in 2023 on $4 million in

revenue. If there were to be these financials, if these financials were to be made public, people would probably go, oh my gosh, what's going on here with this company? And that could have a adverse impact on the stock price. But now they didn't show their financials. They're going to drag this out. They're going to try to do their best to delay and delay and delay and delay. And then as I've told you, in my opinion, there's going to be an event that takes place that I believe, this is my opinion, again, I'm not giving you financial advice. I just think if you follow all of the metrics here, a company that loses $58 million and earns $4 million in revenue, those are not good numbers. If you have 200 million shares outstanding on $4 million in revenue and $58 million in losses, I mean, in my opinion, that's like quite literally a penny stock or worth less than like a

penny almost if you just did the math. And, you know, retail investors are, I mean, in my opinion, are going to get screwed. It's a matter of time when this happens. The stock can be propped up by allies of Donald Trump and people who want to utilize this to influence things. Again, in my opinion, that's what could be happening. And people are going to get hurt. People are going to get badly screwed, in my opinion. But now they're blaming BF Borgers, who they defended, and saying, it's Ben Borgers' fault. That's why we're not releasing our financials. We need a delay. We're filing this form to ask for a delay. Shameful.

Shameful stuff. But I wanted to just report to you what's happening. Hit subscribe. We're on our way to 3 million subscribers. Thanks to your support. Thanks for watching. Have a good one. Love this video?

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