Brothers Plead Guilty in Trump Media Insider Trading Scheme
Two brothers struck a deal with prosecutors Wednesday and pleaded guilty to coordinating a $23 million insider trading scheme tied to the merger of Donald Trump’s social media network with a shell company.
The brothers, Michael and Gerald Shvartsman, had pleaded not guilty to securities fraud charges last summer and were set to go to trial this month in Manhattan.
Prosecutors said Michael, a Miami financier, was the mastermind of the operation, which sought to profit off the announcement of Trump Media & Technology Group’s merger with Digital World Acquisition Corporation, which finally went through last week after years of delays.