A board member of the SPAC that merged with Trump’s media company is accused of giving insider info to friends, earning them $22.9 million in illegal profits.
Three Florida men have been charged with insider trading related to Donald Trump’s Truth Social media platform’s deal to merge with a special purpose acquisition company, earning them close to $23 million in illegal profits, federal prosecutors said.
Bruce Garelick, 53, of Fort Lauderdale, was an investor in the Digital World Acquisition Company DWAC , a SPAC, or so-called blank check company, and became a member of its board in September 2021 before its merger with the Trump Media & Technology Group Corp. was made public. Prosecutors say that the three men also passed on the insider information to friends on a trip to Las Vegas, to Michael Shvartsman’s neighbors and to Gerald Shvartsman’s employees at a furniture supply store he owned.
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Three charged with insider trading tied to merger with Donald Trump’s Truth Social parent companyMichael Shvartsman, Gerald Shvartsman and Bruce Garelick allegedly made more than $22 million trading in Digital World Acquisition based on tips about its planned combination with Trump Media &…
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