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Forbes
Forbes
3 Apr 2024


Brothers Michael and Gerald Shvartsman pleaded guilty to insider trading after they together made more than $22 million by making illegal trades using non-public knowledge that Digital World Acquisition Corp was merging with Trump Media & Technology Group, the parent company of former President Donald Trump’s social media platform Truth Social.

Trump Media Insider Trading

Gerald Shvartsman, hides from photojournalists using an umbrella after exiting Federal Court, ... [+] Thursday, July 20, 2023, in New York. (AP Photo/John Minchillo)

Copyright 2023 The Associated Press. All rights reserved.

The Schvartsman brothers, both from Florida, each pleaded guilty to one count of securities fraud, which carry a maximum sentence of 20 years in prison, and sentencing is set for July 17.

After being invited to invest in Digital World Acquisition Corp, they signed non-disclosure agreements and learned confidential information about the merger between Digital World and Trump Media—and then bought “millions of dollars” of Digital World securities ahead of a public announcement of the merger.

This is a developing story. Check back for updates.