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Home / Business / Two Charged With Illegally Trading Ahead of Trump Media Merger
Posted on June 29, 2023 by Stylianos Hatzakis

Two Charged With Illegally Trading Ahead of Trump Media Merger


Home » Business » Two Charged With Illegally Trading Ahead of Trump Media Merger


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Federal authorities charged three men on Thursday with taking part in a scheme to make $22 million in illegal profits by trading ahead of the proposed merger of former President Donald J. Trump’s social media company with a cash-rich public shell company in fall 2021.The arrests came after a lengthy investigation by federal prosecutors in Manhattan into trading in the securities of Digital World Acquisition Group, a so-called special purpose acquisition company. The inquiries had focused on a small Miami-based venture capital firm, Rocket One Capital, led by Michael Shvartsman.Federal prosecutors in Manhattan said they charged Mr. Shvartsman and his brother Gerald, who owns an outdoor furnishing store in Miami, in connection with the alleged improper trading. Also charged was Bruce Garelick, a former hedge fund manager who had worked at Rocket One. He also was a board member of Digital World before resigning last s …

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Category: Business
Tags: Business News, Business Updates, Digital World Acquisition Corp, Mergers, Acquisitions and Divestitures, Special Purpose Acquisition Companies (SPAC), Truth Social (Social Network)

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