Brothers Face Prison For Insider Trading In Trump Media Company

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Insider Trading,Trump Media,DWAC

Two brothers, Michael and Gerald Shvartsman, are facing prison sentences for insider trading in the securities of Digital World Acquisition Corp. (DWAC) before its merger with Trump Media. The brothers pleaded guilty to the charges and profited over $18 million from their illicit activities.

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.

 

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