A financial executive was convicted Thursday of enabling his boss and others to make over $22 million illegally by trading off his tips ahead of the public announcement that an acquisition firm was taking former President Donald Trump’s media company public.
Garelick, who had testified in his defense, was convicted of tipping others in 2021 to news that the special purpose acquisition company, Digital World Acquisition Corp., or DWAC, was merging with Trump Media & Technology Group. Garelick sat on DWAC’s board.Sentencing was set for Sept. 12 for Garelick, who remains free on bail.
When the events that led to the charges took place in 2021, Garelick, of Providence, Rhode Island, was chief investment officer of the New York-based venture capital firm Rocket One Capital LLC, though he has primarily worked in the Boston area throughout his career.