Two Florida brothers pleaded guilty in New York federal court to insider trading charges related to their purchase and sale of securities of the company that eventually merged with Donald Trump's social media firm.
Although that merger was announced in late October 2021, it only was completed last month in a deal that led to Trump Media becoming a publicly traded company.and Gerald Shvartsman, earned more than $22 million in illegal profits by trading in securities of the shell company, Digital World Acquistion Corp., in October 2021 after learning of non-public information that DWAC planned a
No one associated with Trump Media, which owns the Truth Social app, has been accused of wrongdoing in the case. Federal sentencing guidelines recommend that Michael Shvartsman, who netted $18.2 million in illegal trading profits, receive between 41 to 51 months in prison, according to his plea agreement.
As part of his plea agreement, Michael Shvartman also agreed to forfeit $18.2 million to the federal government, and any right or title to a $14 million luxury yacht named"Provocateur," and its three Jet Skis, which were purchased with profits from the trades.
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