Donald Trump's new media company now under SEC scrutiny over stock trading
Trump met with DWAC Executive Patrick Orlando before the company started raising funds for their merger, which could be in violation of SEC rules.
Digital World Acquisition Corp. (DWAC), the SPAC,by the SEC as well as the Financial Industry Regulatory Authority (FINRA) into trading that preceded the October 20 announcement that DWAC and Trump Media & Technology Group (TMTG) would merge.Upon the deal's announcement, a number of media entities, including
The Wall Street Journal, reported that Trump met with DWAC Executive Patrick Orlando before the company started raising funds. If this meeting represented a deal between the two entities, the companies could be in violation of an SEC rule that bars SPACs from having a target company at the time they initially raise money.
"Specifically, in late October and in early November 2021, DWAC received a request for information from FINRA, surrounding events [specifically, a review of trading] that preceded the public announcement of the October 20, 2021 Merger Agreement," the filing read."According to FINRA's request, the inquiry should not be construed as an indication that FINRA has determined that any violations of Nasdaq rules or federal securities laws have occurred." headtopics.com
Outlets reported former President Donald Trump met with DWAC Executive Patrick Orlando before announcement of the merger of his media company. Here, Trump boards Air Force One before departing Harlingen, Texas on January 12.Photo by MANDEL NGAN/AFP via Getty Images
The SEC similarly backed that this request should not indicate wrongdoing but rather represents an investigation into any potential violations committed as a result of the early meetings.The investigation follows a letter sent to SEC Chairman Gary Gensler by Senator
asking the commission to open a probe into the Trump SPAC. The former Democratic presidential candidate asked that the SEC look into any"securities violations by holding private and undisclosed discussions about the merger as early as May 2021."Read more: Newsweek »
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