Michael and Gerald Shvartsman plead guilty to insider trading charges related to Trump media company

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Two Florida brothers pleaded guilty Wednesday to insider trading charges, admitting making over $22 million illegally before the public announcement in 2021 that an acquisition firm was taking former President Donald Trump's media company public.

The Truth Social account for former President Donald Trump is seen on a mobile device, Wednesday, March 20, 2024, in New York. On Monday, April 1, less than a week after a flashy stock market debut, Trump’s social media company …NEW YORK — Two Florida brothers pleaded guilty Wednesday to insider trading charges, admitting making over $22 million illegally before the public announcement in 2021 that an acquisition firm was taking former President Donald Trump’s media company public.

“I’ve made a terrible mistake,” Gerald Shvartsman told the judge as he pleaded guilty. He added that it was “wrong and the mistake I will pay for dearly the rest of my life.”The indictment against them did not in any way implicate Trump - who is again seeking the presidency this year - or Trump Media & Technology Group, which owns his Truth Social platform and began trading on the Nasdaq stock market on March 26. Trump has a 60% stake in the company.

At the time, Michael Shvartsman owned Rocket One Capital LLC, a venture capital firm, according to court papers.

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Shvartsman brothers plead guilty to insider trading on Trump Media merger plansMichael and Gerald Shvartsman made more than $22 million in an insider trading scheme related to the planned merger of Trump Media and a shell company.
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