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Brothers Plead Guilty to Insider Trading in Trump Media Merger

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Brothers,Guilty,Insider Trading

Michael and Gerald Shvartsman admitted to using confidential information about the merger between Digital World Acquisition Corporation and Trump Media to make illegal trades and earn millions. They face potential prison sentences of up to 20 years.

Michael and Gerald Shvartsman made millions by trading in shares of Digital World Acquisition Corporation before it merged with Trump Media, according to federal prosecutors in New York. Each of them faces up to 20 years in prison when they're sentenced in July, but prosecutors agreed to recommend a sentence of about three years.

 

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