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.”seeking the presidencyplatform and began trading on the Nasdaq stock market on March 26. Trump has a 60 percent stake in the company.after they were tipped off that a potential target of DWAC and another acquisition company, Benessere Capital Acquisition Corp., was Trump Media.
According to court papers, the men shared their secrets with friends and employees, who also bought tens of thousands of units of securities ahead of the merger announcement with Trump Media & Technology Group. Typically, a special purpose acquisition company is formed with the intent to merge with a private company.
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