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Investors charged with insider trading in Trump Media merger deal

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Three investors in the blank-check firm working to take former president Trump’s media company public were charged with using insider information to make $22 million in illegal profits, federal prosecutors said Thursday.

It’s unclear whether other charges could arise from the probes by the SEC or the U.S. attorney’s office. Digital World had noted investigations by both agencies in SEC filings in recent months.

A former Trump Media executive, Will Wilkerson, has shared internal documents with the SEC and the SDNY as part of a whistleblower case Digital World and other special purpose acquisition companies, known as SPACs, raise money from investors for the purpose of finding and merging with a company they intend to take public.

 

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