WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission on Friday charged audit firm BF Borgers CPA PC and its owner, Benjamin Borgers, with "deliberate and systemic failures" to comply with auditing standards which affected more than 1,500 SEC filings.

To settle the SEC's charges, BF Borgers agreed to pay a $12 million civil penalty, and Benjamin Borgers agreed to pay a $2 million civil penalty. Both Respondents also agreed to permanent suspensions from appearing and practicing before the Commission as accountants, effective immediately.