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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