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Two men plead guilty to insider trading in Trump media merger case

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Two men plead guilty to insider trading in Trump media merger case

former Presidenttrump(Donald Trump) was rumored to be insider trading in the “Trump Media and Technology Group (TMTG)” merger and acquisition case, and two people pleaded guilty on the 3rd.

Reuters reported that Michael Shvartsman, 53, is an entrepreneur based in Miami.investHe and his brother Gerald Shvartsman, 46, the head of Rocket One Capital Co., pleaded guilty to securities fraud charges before Manhattan federal district Judge Lewis Lyman on the 3rd.

Rocket One Chief Investment Officer Bruce Garelick is scheduled to stand trial on related charges on April 29.

Last year, prosecutors accused the three men of illegally communicating with Blank using the “Trump Media Technology Group” scheme.checkInsider information on company mergers and backdoor listings (blank-check companies).

TMTG operates Trump’s main social media platform, Truth Social.

Prosecutors said that when three people were approached in June 2021 to become early investors in the blank check company “Digital World Acquisition”, they signed a confidentiality agreement requiring them to keep the information they learned confidential and Was not to be made public. The shares of the company are traded in the market.

Prosecutors said that when the three men heard that the company was in merger talks with TMTG, they told others and bought “Digital World M&A” stocks, and then sold them after the merger was announced on October 20, 2021. Sold, which resulted in total earning. 2,200. Millions of illegal profits.

Michael and Gerald. Schwarzman told the court that he knew it was wrong when he traded on non-public information.

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