Prosecutors are asking a New York federal court judge to sentence two brothers to years in prison for their insider trading in a blank-check company's securities before it announced a planned merger with Trump Media.
Garelick, who is due to be sentenced on Nov. 7, faces a recommended prison term of between 108 months and 135 months in prison under federal sentencing guidelines, which are advisory. Prosecutors revealed in Thursday's filing that a $14.7 million yacht,"Provocateur," that Michael Shvartsman agreed to forfeit to the federal government to secure a monetary judgment had been leased by him for summer charters in the Mediterranean without notifying prosecutors and that it since has been moved to Italy's Ligurian coast in contravention of a court order.
Probation Office officials are recommending that Michael Shvartsman be sentenced to 46 months in prison, apparently due to his refusal to submit a personal financial statement to the office, his defense lawyers said. But"there is no dispute that Mr. Shvartsman has the ability to pay a fine," the lawyers wrote, noting that he has already paid the forfeiture ordered in the case.