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Investor in company that took Trump Media public pleads guilty to insider trading

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Prosecutors charged three men last year with illegally trading on inside information about Trump Media & Technology Group’s plan to go public through a merger with a blank-check company

An early investor in the company that took former U.S. President Donald Trump’s media business public pleaded guilty in Manhattan on Wednesday to a federal insider trading charge.Prosecutors charged Shvartsman, his brother and a third man last year with illegally trading on inside information about Trump Media & Technology Group’s

After hearing the company was in merger talks with TMTG, prosecutors said the trio tipped others and bought Digital World securities, selling them after the deal was announced on Oct. 20, 2021, to make a total of $22-million in illegal profit. The stock shed early gains this week as Truth Social’s parent company disclosed it had lost more than $58-million in 2023.

 

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Early Investor in Trump's Media Business Pleads Guilty to Insider Trading ChargeAn early investor in the company that took former U.S. President Donald Trump's media business public pleaded guilty to a federal insider trading charge. The investor and his brother were charged with illegally trading on inside information about Trump Media & Technology Group's plan to go public. The investor's brother, head of a venture capital firm, is scheduled to change his plea later.
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