Two Florida brothers pleaded guilty in New York federal court to insider trading charges related to their purchase and sale of securities of the company that eventually merged with Donald Trump 's social media firm. The brothers, Michael Svhartsman and Gerald Shvartsman, earned more than $22 million in illegal profits by trading in securities of the shell company, Digital World Acquisition Corp. , in October 2021.
The trades occurred after they learned of nonpublic information that DWAC planned a merger with the privately held Trump Media & Technology Group, prosecutors said. Although that merger was announced in late October 2021, it only was completed last month in a deal that led to Trump Media becoming a publicly traded company
Source: News Formal (newsformal.com)
Florida Brothers Guilty Insider Trading Securities Company Donald Trump Social Media Digital World Acquisition Corp. Merger Trump Media & Technology Group
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