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SEC Charges Audit Firm BF Borgers and Its Owner with Massive Fraud Affecting More Than 1,500 SEC Filings
What goes into the mind of a public company’s Officers and Directors when their auditor is struck from the list of acceptable firms to provide audits for public companies and is also accused of “fudging” reports to their public company clients claiming the audits were PCAOB compliant?
From a very personal experience, it is blind fury and rage.
In 1993, I was part of a team of five that almost merged three private companies into one public company in the over-road transportation industry. It took nine months and hundreds of thousands of dollars to complete, including legal, accounting compliance, and contract renegotiating. If consummated, we would have received a success fee of $2.3 million. In short, it was a big deal for all of us and the four companies.
Five days before the closing, the public company’s auditor, who also audited one of the private companies, lost their CPA license. That meant the auditors' audits for two of the four companies were not compliant and could not be used. For the merger to go through the books for the public company, one of the 3 private companies would have to be redone. The time frame would also cause the other two private companies to update their audits with a stub period.
The transaction began to unwind after I spent hours calling all of the companies to share the bad news. “Did the auditor juice the numbers?” “What did they overlook?” “How much longer is this going to take, and how much will this cost?” “ Is one of the other companies trying to screw us?” It would have taken another 4 to six months, and all began to question the valuations. The transaction died, dead, done, poke a stick in it over and out.
I jumped on a flight from Phoenix to Denver within hours of the news to confront. It was March in Phoenix; I was wearing a short-sleeved shirt and light slacks, and when I landed in Denver, it was snowing. I was so furious, I didn’t care. The loss of the CPA license had nothing to do with the firm audit work – and the numbers were likely perfect. It didn’t matter to the companies; the transaction was dead.
Investment Opportunity
I do not have to imagine the pain inflicted on BF Borges’ clients or the impact it will have on their business, their tenders, the stock offerings, or their valuations. Hence, this disaster presents an opportunity to look at the BF Borges client’s equities to short.
The following list is a list of companies tied to BF Borges CAP located on EDGAR:
Achison Inc (ACHN)
Adamis Pharmaceuticals Corp (ADMP)
ADDENTAX GROUP CORP. (ATXG)
Aeris Biotechnologies, Inc.
AKANDA CORP. (AKAN)
ALPHA ENERGY INC
Alpha Investment Inc. (ALPC)
Alpine Auto Brokers Inc. (ALTB)
ALTITUDE INTERNATIONAL HOLDINGS, INC. (ALTD)
AMBG, Inc.
AMERICAN REBEL HOLDINGS INC (AREB, AREBW)
American Resources Corp (AREC, ARECW)
AmeriCrew Inc. (ACRU)
Applied UV, Inc. (AUVI, AUVIP)
Appsoft Technologies, Inc. (ASFT)
ARB IOT Group Ltd (ARBB)
Arizona Gold & Onyx Mining Co (NUNZ)
Arma Services Inc (ARMV)
Artisan Consumer Goods, Inc. (ARRT)
Atlas Lithium Corp (ATLX)
AURA SYSTEMS INC (AUSI)
Australian Oilseeds Holdings Ltd (COOT, COOTW)
Awaysis Capital, Inc. (AWCA, AWYS)
Baker Global Asset Management Inc.
Bakhu Holdings, Corp. (BKUH)
Bellatora, Inc. (ECGR)
Bergio International, Inc. (BRGO)
Better For You Wellness, Inc. (BFYW)
Bio-Matrix Scientific Group, Inc. (BMSN, BMSND)
BIOADAPTIVES, INC. (BDPT)
BioCrude Technologies USA, Inc.
Bitech Technologies Corp (BTTC) (SPIN)
BITMINE IMMERSION TECHNOLOGIES, INC. (BMNR)
BLACKSTAR ENTERPRISE GROUP, INC. (BEGI)
BLOOMIOS, INC. (BLMS)
Blue State Corp.
Boustead Wavefront Inc. (BOUW)
bowmo, Inc. (BOMO)
Branded Legacy, Inc. (BLEG, VATE)
Brazil Minerals, Inc. (BMIX)
BrewBilt Manufacturing Inc. (BBRW, VTNL)
brooqLy, Inc.
BYND CANNASOFT ENTERPRISES INC. (BCAN)
C2 Blockchain,Inc. (CBLO)
CAMBELL INTERNATIONAL HOLDING CORP. (BIMT)
Can B Corp (CANB)
Cang Bao Tian Xia International Art Trade Center, Inc. (TXCB)
CANNAPHARMARX, INC. (CPMD)
CannAssist International Corp
Capstone Technologies Group Inc.
Carriage House Event Center, Inc. (CRGH)
Celexus, Inc (CXUS)
Cereplast Inc (CERP, CERPQ)
Chilean Cobalt Corp.
CLASSWORX INC (CHNO)
Clubhouse Media Group, Inc. (CMGR, TONJ)
CMG HOLDINGS GROUP, INC. (CMGO)
CONVERSION LABS, INC. (CVLB)
CORDIA CORP (CORG)
Cruzani, Inc. (BOMO)
Cruzani, Inc. (CZNI)
Cryomass Technologies, Inc. (CRYM)
Crypto Co (CRCW)
CYTY CAPITAL SOLUTIONS INC
Data Knights Acquisition Corp. (DKDCA, DKDCU, DKDCW)
Dengfeng Group Ltd
Digital World Acquisition Corp. (DWAC, DWACU, DWACW)
DLT Resolution Inc. (DLTI)
Dr. Foods, Inc. (DRFS)
Ealixir, Inc.
Earth Science Tech, Inc. (ETST, UNOV)
EBET, Inc. (EBET)
ECD Automotive Design, Inc. (EFHT, EFHTR, EFHTW)
EF Hutton Acquisition Corp I (EFHT)
EKIMAS Corp (ASNB)
Electronic Servitor Publication Network, Inc. (XESP)
Elektros, Inc.
Elephant Oil Corp. (ELEP)
Elvictor Group, Inc. (ELVG)
Emo Capital Corp. (NUVI)
ENTRANET INC.
EQUITABLE MINERAL & DEVELOPMENT, INC.
ESG Inc. (PMIN)
EVENTIKO INC.
Ever-Glory International Group, Inc. (EVK)
Exeo Entertainment, Inc. (EXEO)
Exsular Financial Group Inc.
FAT PROJECTS ACQUISITION CORP (FATP, FATPU, FATPW)
Favo Realty, Inc (FAVO)
FDCTECH, INC. (FDCT)
FINDIT, INC. (FDIT)
FIRST CAPITAL INTERNATIONAL INC
Flexi Group Holdings Ltd (FLXG)
FOCUS UNIVERSAL INC. (FCUV)
FOLLA CAPITAL, LLC
Forza Innovations Inc (FORZ)
Freedom Holdings, Inc. (FHLD)
FULLNET COMMUNICATIONS INC (FULO)
Future FinTech Group Inc. (FTFT)
G. A. REPPLE & COMPANY
GBT Technologies Inc. (GTCH)
GENEOS WEALTH MANAGEMENT, INC.
General Enterprise Ventures, Inc. (GEVI)
GILMORE HOMES - GILMORE LOANS, LLC
Glacier Worldwide, Inc.
Global Diversified Marketing Group Inc.
GOLD ROCK HOLDINGS, INC. (GRHI)
GOLDEN HEAVEN GROUP HOLDINGS LTD. (GDHG)
Gratus Capital Properties Fund III LLC
GRAYSTONE COMPANY, INC. (GYST)
Green Circle Decarbonize Technology Ltd (GCDT)
GreenBox POS (GBOX, GRBX)
GREY CLOAK TECH INC.
Grom Social Enterprises, Inc. (GROM, GROMW)
HAIBO SYM, INC.
Halberd Corp (HALB)
Hanryu Holdings, Inc. (HRYU)
Hawkeye Systems, Inc. (HWKE)
HEALTHCARE OPPORTUNITIES CORP
Healthcare Triangle, Inc. (HCTI)
HEALTHLY EXTRACTS INC. (GRCK, HYEX)
Helix TCS, Inc. (HLIX)
Here 001 LLC
Here Collection LLC
Hestia Insight Inc. (HSTA)
HNO International, Inc. (HNOI)
HONG YUAN HOLDING GROUP (HGYN)
HUMBL, INC. (HMBL)
iCoreConnect Inc. (ICCT)
IDEANOMICS, INC. (IDEX)
IdentifySensors Biologics Corp.
Image Chain Group Limited, Inc. (ICGL)
INFINITY SECURITIES, INC.
INNSUITES HOSPITALITY TRUST (IHT)
INPIXON (INPX)
Instadose Pharma Corp. (INSD)
Invech Holdings, Inc. (IVHI)
IOI CAPITAL AND MARKETS, LLC
Item 9 Labs Corp. (INLB)
Iveda Solutions, Inc. (IVDA, IVDAW)
IWAC HOLDINGS INC.
Jet Token Inc.
Jet.AI Inc. (JTAI)
Kashin, Inc.
KONA GOLD BEVERAGE, INC. (KGKG)
Kriptech International Corp.
L A M Y
Laredo Oil, Inc. (LRDC)
Laser Photonics Corp (LASE)
LEAD REAL ESTATE CO., LTD (LRE)
Lever Global Corp (LVER)
LifeMD, Inc. (LFMD)
LIGHTSCAPE TECHNOLOGIES INC. (LTSC)
LIQUIDMETAL TECHNOLOGIES INC (LQMT)
Longaberger Licensing, LLC
Lucia Technologies, Inc.
LVPAI GROUP Ltd (LVPA)
Mag Magna Corp.
Mainz Biomed B.V. (MYNZ)
MAINZ BIOMED N.V. (MYNZ)
Maquia Capital Acquisition Corp (MAQC, MAQCU, MAQCW)
MASS MEGAWATTS WIND POWER INC (MMMW)
Medicine Man Technologies, Inc. (MDCL, SHWZ)
MELT INC (GZCC)
Mentor Capital, Inc. (MNTR)
MGO Global Inc. (MGOL)
MjLink.com, Inc.
Mobiquity Technologies, Inc. (MOBQ, MOBQW)
NAERODYNAMICS INC
NETSOL TECHNOLOGIES INC (NTWK)
NEW AFRICA PETROLEUM, CORP
NEW WORLD TECHNOLOGIES, INC.
Next Bridge Hydrocarbons, Inc.
NEXT-ChemX Corporation. (CHMX)
NIKA PHARMACEUTICALS, INC (NKPH)
Nixplay Inc
Nordicus Partners Corp (NORD)
Odyssey Semiconductor Technologies, Inc. (ODII)
OMNIA WELLNESS INC. (OMWS)
OneMedNet Corp (ONMD, DKDCA, DKDCU, DKDCW, ONMDW)
Onfolio Holdings, Inc (ONFO, ONFOW)
Orion Bliss Corp.
Oxbridge Acquisition Corp. (OXAC)
PANACEA LIFE SCIENCES HOLDINGS, INC. (PLSH)
ParcelPal Logistics Inc. (PTNYF)
Perk International Inc. (PRKI)
PhoneBrasil Internetional Inc (PHBR)
PINEAPPLE, INC. (PNPL)
Pony Group Inc.
Powerbridge Technologies Co., Ltd. (PBTS)
POWERDYNE INTERNATIONAL, INC. (PWDY)
PREDICTIVE TECHNOLOGY GROUP, INC. (PRED)
PUGET TECHNOLOGIES, INC. (PUGE)
Pure Harvest Corporate Group, Inc. (PHCG)
QDM International Inc. (QDM)
Quality Online Education Group Inc. (QOEG)
Quantum Computing Inc. (QUBT)
Ranger Gold Corp.
Red Cat Holdings, Inc. (RCAT)
RIVEX TECHNOLOGY CORP. (RIVX)
SafeRx Pharmaceuticals Inc.
SAFETY FIRST HEALTHCARE CORP
SavMobi Technology Inc. (SVMB)
SCWorx Corp. (WORX)
SemiLEDs Corp (LEDS)
SHARING ECONOMY INTERNATIONAL INC. (SEII)
Shengshi Elevator International Holding Group Inc. (SSDT)
Shuttle Pharmaceuticals Holdings, Inc. (SHPH)
Sidus Space Inc. (SIDU)
SmartCard Marketing Systems Inc (SMKG)
SMI CAPITAL MARKETS LLC
Social Life Network, Inc. (WDLF)
SOLLENSYS CORP.
Sparx Holdings Group, Inc. (SHGI)
Spine Injury Solutions, Inc (SPIN)
StartEngine Collectibles Fund I LLC
STARTENGINE CROWDFUNDING, INC.
Statera Biopharma, Inc. (STAB)
Stran & Company, Inc. (STRN, STRNW)
Stran & Company, Inc. (SWAG, SWAGW)
Stratos Renewables Corp (SRNW)
STWC. Holdings, Inc. (STWC)
Sugarmade, Inc. (SGMD)
Sunset Island Group (SIGO)
Sunshine Biopharma, Inc (SBFM, SBFMW)
T1V, Inc. (THNK)
T20 HOLDINGS LTD. (TWEN)
TD Holdings, Inc. (GLG)
Tego Cyber, Inc. (TGCB)
TEO FOODS INC
Tesspay Inc.
The3rdBevco Inc.
Thenablers, Inc. (ELVG)
THREE BROTHERS TRADING, LLC
Thunder Energies Corp (TNRG)
Tongji Healthcare Group, Inc. (TONJ)
Trio Petroleum Corp. (TPET)
TRULEUM, INC. (TRLM)
Trump Media & Technology Group Corp. (DJT, DJTWW)
U.S. Lighting Group, Inc. (USLG)
UC Asset LP
Unusual Machines, Inc. (UMAC)
urban-gro, Inc. (UGRO, UGROD)
V Blockchain Group Inc.,
Vestiage, Inc. (VEST)
VetaNova Inc. (VTNA)
VININGS HOLDINGS, INC.
Virax Biolabs Group Ltd (VRAX)
VNUE, Inc. (VNUE)
VV Markets LLC
WARRANTEE INC. (WRNT)
WB Burgers Asia, Inc. (WBBA)
Welsis Corp.
Winvest Group Ltd (WNLV)
Worldwide NFT Inc. (WNFT)
Xcelerate, Inc. (XCRT)
XERIANT, INC. (XERI)
XXStream Entertainment, Inc. (XMET)
Yong Bai Chao New Retail Corp (YBCN)
YUNHONG GREEN CTI LTD. (YHGJ)
Zabala Farms Group, LLC
ZEROSPO
ZEUUS, INC. (ZUUS)
ZYROX MINING INTERNATIONAL INC (ZYRX)
This list may include companies that were not clients of BF Borges CPA and may not be the full and definitive list of BF Borges CPA's public clients. Despite our sincere diligence, we could have made errors. If any errors are uncovered, please let us know, and we will publish any necessary corrections.
Music
Very cool…
Luciano Pavarotti and James Brown – It’s a Man’s Man’s Man’s World
L. Burke Files CACM, DDP
Senior Researcher and Advisor to the Founder
Unicus Research LLC
I keep digging, with quite a few opportunities. Thanks