CPA Ontario has prosecuted BF Borgers CPA PC and Ben Borgers, of Lakewood for offenses under the Chartered Professional Accountants of Ontario Act, 2017, and the Public Accounting Act, 2004. The firm and Borgers pleaded guilty to conducting public accounting work in Ontario, Canada, including performing an audit of a reporting issuer, without the required registration with CPA Ontario or a Public Accounting License in Ontario.
“We continue to take action against accounting firms and CPAs who fail to comply with our requirements to practice in the province, in accordance with our mandate to protect the public and uphold the high standards of the CPA profession,” said Janet Gillies, CPA, CA, executive vice-president, Regulatory and Standards, CPA Ontario. “Unregistered and unlicensed firms and CPAs operating in Ontario bypass essential regulatory oversight, undermining public protection and confidence in public accounting.”
The Ontario Court of Justice has ordered the firm and Borgers to pay total fines of $50,000 to the Government of Ontario and $15,000 to CPA Ontario for the costs of the investigation and prosecution. Additionally, the order places the firm and Borgers on probation for two years. BF Borgers CPA PC and Ben Borgers remain unauthorized and unlicensed to practice public accounting in Ontario.
In May, the U.S. Securities and Exchange Commission charged BF Borgers CPA PC and owner Ben Borgers with fraud for failing to meet Public Company Accounting Oversight Board standards in more than 1,500 filings. To settle the SEC’s charges, BF Borgers agreed to pay a $12 million civil penalty and Ben Borgers agreed to a $2 million civil penalty, along with permanent suspension from accounting practices.