Prosecutors charge three investors with insider trading in Trump SPAC deal

[BumRushDaShow]

Last edited Thu Jun 29, 2023, 12:46 PM - Edit history (1)

Source: CNN Business

New York CNN — Federal prosecutors arrested three investors on Thursday on insider trading charges related to a deal to take former President Donald Trump’s media business public.

According to the indictment, the three individuals together made more than $22 million in illegal profits in October 2021 by purchasing shares in Digital World Acquisition Corporation after secretly learning about the blank-check firm’s plan to buy Truth Social owner Trump Media & Technology Group. The value of the securities they purchased went up sharply once the Trump deal was announced, prosecutors say. The defendants and individuals they tipped off then sold their securities for a significant profit, according to prosecutors.

The three men charged in the indictment are Michael Shvartsman, Gerald Shvartsman and Bruce Garelick, who served as a director on Digital World’s board of directors. All three have surrendered to authorities and are expected to appear in federal court in Miami later Thursday, a law enforcement official said.

The Securities and Exchange Commission also filed civil insider trading charges against the three investors. There is no allegation that Donald Trump had any involvement at all in the alleged insider trading. However, the new charges add to the controversy surrounding the Trump deal, which has raised eyebrows from legal experts and drawn scrutiny from regulators and prosecutors.


Read more: https://www.cnn.com/2023/06/29/investing/donald-trump-spac-truth-social-insider-trading/index.html

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Article updated.

Original article -

New York CNN — Federal prosecutors arrested three investors on Thursday on insider trading charges related to a deal to take former President Donald Trump’s media business public.

According to the indictment, the three individuals together made more than $22 million in illegal profits by purchasing shares in Digital World Acquisition Corporation after secretly learning about the blank-check firm’s plan to buy Trump Media & Technology Group.

The value of the securities they purchased went up sharply once the Trump deal was announced, prosecutors say. The defendants and individuals they tipped off then sold their securities for a significant profit, according to prosecutors.

The three men have surrendered to authorities and are expected to appear in federal court in Miami later Thursday, a law enforcement official said. There is no allegation that Donald Trump had any involvement at all in the alleged insider trading.


This is a developing story. It will be updated.

[ToxMarz]

1. Anything with the word trump in it is a grift

[Traildogbob]

2. But, but

The criminal Biden family. “Gomer” will get right on this travesty. And have we forgotten the trump kids are banned from charities? Stealing from kids cancer charity? Gomer? Anything?

[DENVERPOPS]

12. AND

I guess the SEC forgot all about the Republican Senators who committed massive insider trades the very afternoon they learned of just how bad the Covid was going to be, in spite of them all telling the general public it was a huge nothing burger.........How about the female senator that did a reported 10-20 million in insider trades that afternoon, and she was married to the President of the NYSE......

Those Republican Senators who were clued in, in advance, could have lost a ton of money just like the rest of the investors, but instead did massive sales and purchases that made them massive profits instead..............You can bet they shared the info with their largest donors and wealthiest friends........They probably "sold short" on the stocks they were selling to make even more money......

[edhopper]

3. And we are to believe

Trump was not involved?

[Captain Zero]

10. Trump enabled a white collar crime.

I wonder if they bought condos in Rump Tower?

[Escurumbele]

11. Right...he most probably was involved but used those three idiots to do his dirty work.

What is wrong with people? They don't realize that anyone who gets close to trump loses? Amazing...some people do think of themselves as special, and because of that they don't think the buffoon will screw them sooner or later.

[Zincwarrior]

4. Thank you

This certainly is news.

[TeamProg]

5. Ha ha !!

]

[Alexander Of Assyria]

6. Everything Trump touches goes to jail. Then it dies. In misery.

[joshdawg]

9. I'd call that justice!

[SWBTATTReg]

7. Oh what a shock! Another crime by tRUMP and/or his associates.

[oldsoftie]

8. Now get the biggest stinking fish; Trump himself.

[Grins]

13. "...every thing he touches..." NM