“Federal prosecutors arrested three investors on Thursday on insider trading charges related to a deal to take former President Donald Trump’s media business public,” CNN reports.
“According to the indictment, the three individuals together made more than $22 million in October 2021 by illegally trading on nonpublic knowledge of Digital World Acquisition Corporation’s secret plan to buy Truth Social owner Trump Media & Technology Group.”
“The three men charged in the indictment are Michael Shvartsman, Gerald Shvartsman and Bruce Garelick, who served as a director on Digital World’s board of directors. All three have surrendered to authorities and are expected to appear in federal court in Miami later Thursday.”
