- Joined
- Oct 2, 2003
- Messages
- 6,241
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- 1,111
No wonder why he hates actually successful businesses men like Jeff Bezos. He's just jealous.
Also hilarious how this "billionaire" has to beg for money.
Social TRUTH Social by Trump
- Thread starter Voodoo_Child906
- Start date
Also hilarious how this "billionaire" has to beg for money.
- Joined
- Dec 8, 2006
- Messages
- 57,721
- Reaction score
- 70,695
Get those donations in people! Truth Social ain't gonna save itself!
- Joined
- Oct 13, 2012
- Messages
- 21,170
- Reaction score
- 32,902
So much winning!
Now the latest story is a co-founder has turned whistleblower, and given the SEC a whole bunch of evidence about Trump's corruption. Trump was allegedly demanding people hand over their shares, worth millions, to Melania. Eric and Jr. also wanted shares, despite not being involved in the company.
https://www.washingtonpost.com/technology/2022/10/15/truth-social-trump-animosity-whistleblower/
Now the latest story is a co-founder has turned whistleblower, and given the SEC a whole bunch of evidence about Trump's corruption. Trump was allegedly demanding people hand over their shares, worth millions, to Melania. Eric and Jr. also wanted shares, despite not being involved in the company.
https://www.washingtonpost.com/technology/2022/10/15/truth-social-trump-animosity-whistleblower/
- Joined
- Jan 17, 2020
- Messages
- 7,033
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- 13,791
This is crazy to me. Why would Trump do this if he knows his ass is under a microscope? It seems so stupid and obviously wrong.
It's the WaPo though and we've heard these "bombshell accusations" for 6 years, so I'm not sure what to make of any of this. This is the problem with fake news, it taints any of the real stuff, and I'm not bothered enough to look into it.
- Joined
- Mar 10, 2016
- Messages
- 30,519
- Reaction score
- 16,726
If it turns out to be true would you be bothered enough not to vote for him or any of the loyalists he's endorsing?
- Joined
- Jan 17, 2020
- Messages
- 7,033
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- 13,791
Right after you condemn Peter Sniffer and his treasonous family and anyone he endorses, does business with (literal business lol) and all of his loyalists
- Joined
- Dec 9, 2007
- Messages
- 116,783
- Reaction score
- 50,028
Can we just donate $10 to each other and have a virtual family event for 10 minutes?
- Joined
- Mar 10, 2016
- Messages
- 30,519
- Reaction score
- 16,726
Straighten your tinfoil cap, it shifted with that dodge...Right after you condemn Peter Sniffer and his treasonous family and anyone he endorses, does business with (literal business lol) and all of his loyalists
- Joined
- Jul 10, 2022
- Messages
- 863
- Reaction score
- 1,127
- Joined
- Mar 10, 2010
- Messages
- 22,755
- Reaction score
- 23,944
Peter Sniffer.Right after you condemn Peter Sniffer and his treasonous family and anyone he endorses, does business with (literal business lol) and all of his loyalists
Giggity!
- Joined
- Oct 13, 2012
- Messages
- 21,170
- Reaction score
- 32,902
We're now down to $12.59 a share, and shares have lost 80% of their value in just the last year. When the deal was first announced in October of 2021 some retards were actually buying shares at $175. The great businessman Donald J. Trump has lost them over 90% of their money in a little over a year. Here's the latest scandal:
Trump SPAC Digital World Acquisition (NASDAQ:DWAC), which is taking Trump's social media company and Truth Social app public, dropped 4.5% amid a report that federal prosecutors were probing whether the social media company may have allegedly violated money laundering rules.
Federal prosecutors in New York last year started examining whether Trump Media & Technology may have violated money laundering regulations in connection with the acceptance of $8 million from an entity with alleged Russian ties, according to a Guardian report on Wednesday, which cited sources familiar.
Towards the end of last year prosecutors began looking at two loans totaling $8 million to Trump Media, according to the report. The expanded nature of the criminal investigation threatens to delay the deal with SPAC Digital World (DWAC) even further.
Outside counsel for Trump Media declined to comment to the Guardian on the investigation. Trump Media didn't immediately respond to Seeking Alpha email request for comment.
Trump SPAC Digital World Acquisition (NASDAQ:DWAC), which is taking Trump's social media company and Truth Social app public, dropped 4.5% amid a report that federal prosecutors were probing whether the social media company may have allegedly violated money laundering rules.
Federal prosecutors in New York last year started examining whether Trump Media & Technology may have violated money laundering regulations in connection with the acceptance of $8 million from an entity with alleged Russian ties, according to a Guardian report on Wednesday, which cited sources familiar.
Towards the end of last year prosecutors began looking at two loans totaling $8 million to Trump Media, according to the report. The expanded nature of the criminal investigation threatens to delay the deal with SPAC Digital World (DWAC) even further.
Outside counsel for Trump Media declined to comment to the Guardian on the investigation. Trump Media didn't immediately respond to Seeking Alpha email request for comment.
- Joined
- Mar 10, 2010
- Messages
- 22,755
- Reaction score
- 23,944
Damn I have not checked on their share price in awhile.
I used to go on their Reddit board, but started even feeling sorry for them. When it was $50 a share they were all like time to buy the dip, but then you see people post how they used their life savings and saying dumb shit like its going to $1000 a share. Which based on their business model is fundamentally impossible. They are limited who will buy ads and the app relies solely on one person driving views. They dont make money and making money in the social media game is a tough nut. They are run by a pretend dairy farmer and I could not fathom why people expected so much out of it.
I feel even worse seeing the share price, because a lot of Trump believers got burned bigly on that stock.
- Joined
- Oct 13, 2012
- Messages
- 21,170
- Reaction score
- 32,902
https://www.reddit.com/r/DWAC_Stock/
"The fake news will say anything to bring DWAC down & Trump down! It’s a never ending witch hunt! They are losing & can’t stand it! It’s disgusting! Go DWAC!"
"It’s crap fake news that always want to catch anything on president Trump. BS! Just HOLD and we will be rewarded soon."
"If you believe in Trump, believe he is full control, the shares are still yours, he won’t leave us behind."
"The people in DWAC are here to stay. Some may sell as it rises because this takes fortitude. Remember this...nothing easy is worth doing and nothing worth doing is easy. We are not leaving. WE STAND HERE, Unappreciated, unapologetic, and will never break. See you boys and girls on the flip side."
"The fake news will say anything to bring DWAC down & Trump down! It’s a never ending witch hunt! They are losing & can’t stand it! It’s disgusting! Go DWAC!"
"It’s crap fake news that always want to catch anything on president Trump. BS! Just HOLD and we will be rewarded soon."
"If you believe in Trump, believe he is full control, the shares are still yours, he won’t leave us behind."
"The people in DWAC are here to stay. Some may sell as it rises because this takes fortitude. Remember this...nothing easy is worth doing and nothing worth doing is easy. We are not leaving. WE STAND HERE, Unappreciated, unapologetic, and will never break. See you boys and girls on the flip side."
- Joined
- Dec 3, 2010
- Messages
- 24,591
- Reaction score
- 48,202
Federal investigators examined Trump Media for possible money laundering, sources say
Exclusive: New York prosecutors expanded criminal inquiry of company last year and examined acceptance of $8m with suspected Russian ties
Federal prosecutors in New York involved in the criminal investigation into Donald Trump’s social media company last year started examining whether it violated money laundering statutes in connection with the acceptance of $8m with suspected Russian ties, according to sources familiar with the matter.
The company – Trump Media, which owns Trump’s Truth Social platform – initially came under criminal investigation over its preparations for a potential merger with a blank check company called Digital World (DWAC) that was also the subject of an earlier investigation by the Securities and Exchange Commission.
Towards the end of last year, federal prosecutors started examining two loans totaling $8m wired to Trump Media, through the Caribbean, from two obscure entities that both appear to be controlled in part by the relation of an ally of Russian president Vladimir Putin, the sources said.
The expanded nature of the criminal investigation, which has not been previously reported, threatens to delay the completion of the merger between Trump Media and DWAC, which would provide the company and Truth Social with up to $1.3bn in capital, in addition to a stock market listing.
Even if Trump Media and its officers face no criminal exposure for the transactions, the optics of borrowing money from potentially unsavory sources through opaque conduits could cloud Trump’s image as he seeks to recapture the White House in 2024.
The extent of the exposure for Trump Media and its officers for money laundering remains unclear. The statutes broadly require prosecutors to show that defendants knew the money was the proceeds of some form of unlawful activity and the transaction was designed to conceal its source.
But money laundering prosecutions are typically based on circumstantial evidence and can be based on materials that show that the money in question was unlikely to have legitimate origins, legal experts said.
The first $2m payment to Trump Media came in December 2021 when the company was on the brink of collapse after the planned merger with DWAC – that would have unlocked millions for the company – was delayed when the SEC opened an inquiry into whether the arrangement broke regulatory rules.
Trump Media needed a bridge loan to keep the company afloat. But it struggled to get financing until DWAC’s chief executive Patrick Orlando sourced a $2m loan wired from Paxum Bank registered in Dominica, according to the wire transfer receipt reviewed by the Guardian.
The wire transfer identified Paxum Bank as the beneficial owner, although the promissory note identified an entity called ES Family Trust as the lender. Two months later, an unexpected second $6m payment arrived in Trump Media’s account from ES Family Trust, the transfer receipt showed.
In both instances, Orlando declined to provide details about the true identity of the lenders or the origin of the money to Trump Media executives, Trump Media’s since-ousted co-founder turned whistleblower Will Wilkerson recounted in an interview.
Though the two payments to Trump Media ostensibly came from two separate entities – first Paxum Bank and second ES Family Trust – the trustee of ES Family Trust, a person called Angel Pacheco, appears to have simultaneously been a director of Paxum Bank.
The Russian connection, as being examined by prosecutors in the US attorney’s office for the southern district of New York, centers on a part-owner of Paxum Bank – an individual named Anton Postolnikov, who appears to be a relation of Putin ally Aleksandr Smirnov.
Smirnov, who heads the Russia-controlled maritime company Rosmorport, worked in the Central Office of the Russian government until 2017. Before that, Smirnov was the first deputy minister of justice of Russia until 2014, and for most of Putin’s first two terms as president, Smirnov served in the executive office of the president.
A spokesman for the justice department, the US attorney’s office for the southern district of New York and outside counsel for Trump Media declined to comment about the investigation. Rosmorport and Paxum Bank did not respond to requests for comment.
Concern inside Trump Media
The obscure origins of the $8m loans caused alarm at Trump Media and, in the spring of 2022, Trump Media’s then chief financial officer Phillip Juhan weighed returning the money, according to Wilkerson.
But the money was never returned, Wilkerson said, in part because losing $8m out of the roughly $12m cash that Trump Media had in its accounts at that time would have placed significant stress on its financial situation.
Prosecutors appear to have also taken a special interest in the payments because the off-shore Paxum Bank has a history of providing banking services for the pornography and sex worker industries, which makes it higher risk of engaging in money laundering and other illicit financing.
There appears to have been some awareness at Trump Media that the first $2m was to come through because Trump’s eldest son Don Jr, who joined the board with Trump ally Kash Patel and former Republican turned Trump Media chief executive Devin Nunes, had confirmed to the company’s lawyers to proceed with the transaction.
“Just want to keep you in the loop – no guaranty that these will get signed and funded, but we remain hopeful,” John Haley, outside counsel for Trump Media said in a 24 December 2021 email seen by the Guardian, to which Don Jr replied: “Thanks john much appreciated. d.”
Since Orlando, who arranged the $8m financing, is an SEC-licensed broker-dealer, he would be subject to SEC rules governing anti-money laundering and “Know Your Customer” requirements that mandate due diligence of investors to combat the proliferation of illicit money.
As a private company arranging private loans, the obligations for Trump Media to vet the financing under the SEC rules are less clear. But the securities regulations are separate to the US criminal money laundering statutes, which apply universally.
A spokesman for Don Jr declined to comment. Orlando, Nunes, Patel and Juhan did not respond to requests for comment.
Federal prosecutors’ interest in the two payments appears to have started when Wilkerson, through his attorneys Patrick Mincey, Stephen Bell and Phil Brewster, alerted the US attorney’s office for the southern district of New York to the payments on 23 October 2022.
Trump was the chairman of Trump Media at the time, though it was unclear whether he was aware of the opaque nature of the two loans. Trump typically did not seem to be particularly interested in managing the day-to-day running of Trump Media, Wilkerson said.
But Trump was interested in the deal, Wilkerson said, because he got to own 90% of the shares without putting any money into the company. According to one source familiar with the matter, however, Trump invested some money into DWAC, which could allow him to cash out twice in the event the merger was consummated.
https://www.theguardian.com/us-news/2023/mar/15/trump-media-investigated-possible-money-laundering
Exclusive: New York prosecutors expanded criminal inquiry of company last year and examined acceptance of $8m with suspected Russian ties
Federal prosecutors in New York involved in the criminal investigation into Donald Trump’s social media company last year started examining whether it violated money laundering statutes in connection with the acceptance of $8m with suspected Russian ties, according to sources familiar with the matter.
The company – Trump Media, which owns Trump’s Truth Social platform – initially came under criminal investigation over its preparations for a potential merger with a blank check company called Digital World (DWAC) that was also the subject of an earlier investigation by the Securities and Exchange Commission.
Towards the end of last year, federal prosecutors started examining two loans totaling $8m wired to Trump Media, through the Caribbean, from two obscure entities that both appear to be controlled in part by the relation of an ally of Russian president Vladimir Putin, the sources said.
The expanded nature of the criminal investigation, which has not been previously reported, threatens to delay the completion of the merger between Trump Media and DWAC, which would provide the company and Truth Social with up to $1.3bn in capital, in addition to a stock market listing.
Even if Trump Media and its officers face no criminal exposure for the transactions, the optics of borrowing money from potentially unsavory sources through opaque conduits could cloud Trump’s image as he seeks to recapture the White House in 2024.
The extent of the exposure for Trump Media and its officers for money laundering remains unclear. The statutes broadly require prosecutors to show that defendants knew the money was the proceeds of some form of unlawful activity and the transaction was designed to conceal its source.
But money laundering prosecutions are typically based on circumstantial evidence and can be based on materials that show that the money in question was unlikely to have legitimate origins, legal experts said.
The first $2m payment to Trump Media came in December 2021 when the company was on the brink of collapse after the planned merger with DWAC – that would have unlocked millions for the company – was delayed when the SEC opened an inquiry into whether the arrangement broke regulatory rules.
Trump Media needed a bridge loan to keep the company afloat. But it struggled to get financing until DWAC’s chief executive Patrick Orlando sourced a $2m loan wired from Paxum Bank registered in Dominica, according to the wire transfer receipt reviewed by the Guardian.
The wire transfer identified Paxum Bank as the beneficial owner, although the promissory note identified an entity called ES Family Trust as the lender. Two months later, an unexpected second $6m payment arrived in Trump Media’s account from ES Family Trust, the transfer receipt showed.
In both instances, Orlando declined to provide details about the true identity of the lenders or the origin of the money to Trump Media executives, Trump Media’s since-ousted co-founder turned whistleblower Will Wilkerson recounted in an interview.
Though the two payments to Trump Media ostensibly came from two separate entities – first Paxum Bank and second ES Family Trust – the trustee of ES Family Trust, a person called Angel Pacheco, appears to have simultaneously been a director of Paxum Bank.
The Russian connection, as being examined by prosecutors in the US attorney’s office for the southern district of New York, centers on a part-owner of Paxum Bank – an individual named Anton Postolnikov, who appears to be a relation of Putin ally Aleksandr Smirnov.
Smirnov, who heads the Russia-controlled maritime company Rosmorport, worked in the Central Office of the Russian government until 2017. Before that, Smirnov was the first deputy minister of justice of Russia until 2014, and for most of Putin’s first two terms as president, Smirnov served in the executive office of the president.
A spokesman for the justice department, the US attorney’s office for the southern district of New York and outside counsel for Trump Media declined to comment about the investigation. Rosmorport and Paxum Bank did not respond to requests for comment.
Concern inside Trump Media
The obscure origins of the $8m loans caused alarm at Trump Media and, in the spring of 2022, Trump Media’s then chief financial officer Phillip Juhan weighed returning the money, according to Wilkerson.
But the money was never returned, Wilkerson said, in part because losing $8m out of the roughly $12m cash that Trump Media had in its accounts at that time would have placed significant stress on its financial situation.
Prosecutors appear to have also taken a special interest in the payments because the off-shore Paxum Bank has a history of providing banking services for the pornography and sex worker industries, which makes it higher risk of engaging in money laundering and other illicit financing.
There appears to have been some awareness at Trump Media that the first $2m was to come through because Trump’s eldest son Don Jr, who joined the board with Trump ally Kash Patel and former Republican turned Trump Media chief executive Devin Nunes, had confirmed to the company’s lawyers to proceed with the transaction.
“Just want to keep you in the loop – no guaranty that these will get signed and funded, but we remain hopeful,” John Haley, outside counsel for Trump Media said in a 24 December 2021 email seen by the Guardian, to which Don Jr replied: “Thanks john much appreciated. d.”
Since Orlando, who arranged the $8m financing, is an SEC-licensed broker-dealer, he would be subject to SEC rules governing anti-money laundering and “Know Your Customer” requirements that mandate due diligence of investors to combat the proliferation of illicit money.
As a private company arranging private loans, the obligations for Trump Media to vet the financing under the SEC rules are less clear. But the securities regulations are separate to the US criminal money laundering statutes, which apply universally.
A spokesman for Don Jr declined to comment. Orlando, Nunes, Patel and Juhan did not respond to requests for comment.
Federal prosecutors’ interest in the two payments appears to have started when Wilkerson, through his attorneys Patrick Mincey, Stephen Bell and Phil Brewster, alerted the US attorney’s office for the southern district of New York to the payments on 23 October 2022.
Trump was the chairman of Trump Media at the time, though it was unclear whether he was aware of the opaque nature of the two loans. Trump typically did not seem to be particularly interested in managing the day-to-day running of Trump Media, Wilkerson said.
But Trump was interested in the deal, Wilkerson said, because he got to own 90% of the shares without putting any money into the company. According to one source familiar with the matter, however, Trump invested some money into DWAC, which could allow him to cash out twice in the event the merger was consummated.
https://www.theguardian.com/us-news/2023/mar/15/trump-media-investigated-possible-money-laundering
- Joined
- Oct 13, 2012
- Messages
- 21,170
- Reaction score
- 32,902
That's some shady shit. I imagine Trump is very busy "truthing" about Hunter's dick pics on Truth Social today.Federal investigators examined Trump Media for possible money laundering, sources say
Exclusive: New York prosecutors expanded criminal inquiry of company last year and examined acceptance of $8m with suspected Russian ties
Federal prosecutors in New York involved in the criminal investigation into Donald Trump’s social media company last year started examining whether it violated money laundering statutes in connection with the acceptance of $8m with suspected Russian ties, according to sources familiar with the matter.
The company – Trump Media, which owns Trump’s Truth Social platform – initially came under criminal investigation over its preparations for a potential merger with a blank check company called Digital World (DWAC) that was also the subject of an earlier investigation by the Securities and Exchange Commission.
Towards the end of last year, federal prosecutors started examining two loans totaling $8m wired to Trump Media, through the Caribbean, from two obscure entities that both appear to be controlled in part by the relation of an ally of Russian president Vladimir Putin, the sources said.
The expanded nature of the criminal investigation, which has not been previously reported, threatens to delay the completion of the merger between Trump Media and DWAC, which would provide the company and Truth Social with up to $1.3bn in capital, in addition to a stock market listing.
Even if Trump Media and its officers face no criminal exposure for the transactions, the optics of borrowing money from potentially unsavory sources through opaque conduits could cloud Trump’s image as he seeks to recapture the White House in 2024.
The extent of the exposure for Trump Media and its officers for money laundering remains unclear. The statutes broadly require prosecutors to show that defendants knew the money was the proceeds of some form of unlawful activity and the transaction was designed to conceal its source.
But money laundering prosecutions are typically based on circumstantial evidence and can be based on materials that show that the money in question was unlikely to have legitimate origins, legal experts said.
The first $2m payment to Trump Media came in December 2021 when the company was on the brink of collapse after the planned merger with DWAC – that would have unlocked millions for the company – was delayed when the SEC opened an inquiry into whether the arrangement broke regulatory rules.
Trump Media needed a bridge loan to keep the company afloat. But it struggled to get financing until DWAC’s chief executive Patrick Orlando sourced a $2m loan wired from Paxum Bank registered in Dominica, according to the wire transfer receipt reviewed by the Guardian.
The wire transfer identified Paxum Bank as the beneficial owner, although the promissory note identified an entity called ES Family Trust as the lender. Two months later, an unexpected second $6m payment arrived in Trump Media’s account from ES Family Trust, the transfer receipt showed.
In both instances, Orlando declined to provide details about the true identity of the lenders or the origin of the money to Trump Media executives, Trump Media’s since-ousted co-founder turned whistleblower Will Wilkerson recounted in an interview.
Though the two payments to Trump Media ostensibly came from two separate entities – first Paxum Bank and second ES Family Trust – the trustee of ES Family Trust, a person called Angel Pacheco, appears to have simultaneously been a director of Paxum Bank.
The Russian connection, as being examined by prosecutors in the US attorney’s office for the southern district of New York, centers on a part-owner of Paxum Bank – an individual named Anton Postolnikov, who appears to be a relation of Putin ally Aleksandr Smirnov.
Smirnov, who heads the Russia-controlled maritime company Rosmorport, worked in the Central Office of the Russian government until 2017. Before that, Smirnov was the first deputy minister of justice of Russia until 2014, and for most of Putin’s first two terms as president, Smirnov served in the executive office of the president.
A spokesman for the justice department, the US attorney’s office for the southern district of New York and outside counsel for Trump Media declined to comment about the investigation. Rosmorport and Paxum Bank did not respond to requests for comment.
Concern inside Trump Media
The obscure origins of the $8m loans caused alarm at Trump Media and, in the spring of 2022, Trump Media’s then chief financial officer Phillip Juhan weighed returning the money, according to Wilkerson.
But the money was never returned, Wilkerson said, in part because losing $8m out of the roughly $12m cash that Trump Media had in its accounts at that time would have placed significant stress on its financial situation.
Prosecutors appear to have also taken a special interest in the payments because the off-shore Paxum Bank has a history of providing banking services for the pornography and sex worker industries, which makes it higher risk of engaging in money laundering and other illicit financing.
There appears to have been some awareness at Trump Media that the first $2m was to come through because Trump’s eldest son Don Jr, who joined the board with Trump ally Kash Patel and former Republican turned Trump Media chief executive Devin Nunes, had confirmed to the company’s lawyers to proceed with the transaction.
“Just want to keep you in the loop – no guaranty that these will get signed and funded, but we remain hopeful,” John Haley, outside counsel for Trump Media said in a 24 December 2021 email seen by the Guardian, to which Don Jr replied: “Thanks john much appreciated. d.”
Since Orlando, who arranged the $8m financing, is an SEC-licensed broker-dealer, he would be subject to SEC rules governing anti-money laundering and “Know Your Customer” requirements that mandate due diligence of investors to combat the proliferation of illicit money.
As a private company arranging private loans, the obligations for Trump Media to vet the financing under the SEC rules are less clear. But the securities regulations are separate to the US criminal money laundering statutes, which apply universally.
A spokesman for Don Jr declined to comment. Orlando, Nunes, Patel and Juhan did not respond to requests for comment.
Federal prosecutors’ interest in the two payments appears to have started when Wilkerson, through his attorneys Patrick Mincey, Stephen Bell and Phil Brewster, alerted the US attorney’s office for the southern district of New York to the payments on 23 October 2022.
Trump was the chairman of Trump Media at the time, though it was unclear whether he was aware of the opaque nature of the two loans. Trump typically did not seem to be particularly interested in managing the day-to-day running of Trump Media, Wilkerson said.
But Trump was interested in the deal, Wilkerson said, because he got to own 90% of the shares without putting any money into the company. According to one source familiar with the matter, however, Trump invested some money into DWAC, which could allow him to cash out twice in the event the merger was consummated.
https://www.theguardian.com/us-news/2023/mar/15/trump-media-investigated-possible-money-laundering
- Joined
- Oct 13, 2012
- Messages
- 21,170
- Reaction score
- 32,902
Board member arrested for insider trading:
https://abcnews.go.com/Politics/3-men-funded-trump-social-media-company-charged/story?id=100486153
Three men who funded the company that became Donald Trump's Truth Social platform have been charged with insider trading.
Michael Shvartsman, Gerald Shvartsman and Bruce Garelick made more than $22 million by trading in shares of Digital World Acquisition Corporation, according to federal prosecutors in New York.
The three investors were arrested Thursday on securities fraud charges that accused them of violating an agreement about Digital World Acquisition Corporation's intent to merge with Trump Media and Technology Group, the company that runs Truth Social…
Garelick was given a seat on Digital World Acquisition Group's board, allowing him access to nonpublic information about the company's plans to merge with Trump Media. According to federal prosecutors, Garelick provided the information to Michael and Gerald Shvartsman, who were able to buy millions of shares before news of the Trump Media merger became public.
Prosecutors also said the information was passed to Michael Shvartsman's neighbors and to Gerald Shvartsman's employees at a furniture supply store. As soon as the news hit and the share price increased in value, the defendants, the neighbors and the employees all sold at significant profit, according to the criminal charges.
https://abcnews.go.com/Politics/3-men-funded-trump-social-media-company-charged/story?id=100486153
Three men who funded the company that became Donald Trump's Truth Social platform have been charged with insider trading.
Michael Shvartsman, Gerald Shvartsman and Bruce Garelick made more than $22 million by trading in shares of Digital World Acquisition Corporation, according to federal prosecutors in New York.
The three investors were arrested Thursday on securities fraud charges that accused them of violating an agreement about Digital World Acquisition Corporation's intent to merge with Trump Media and Technology Group, the company that runs Truth Social…
Garelick was given a seat on Digital World Acquisition Group's board, allowing him access to nonpublic information about the company's plans to merge with Trump Media. According to federal prosecutors, Garelick provided the information to Michael and Gerald Shvartsman, who were able to buy millions of shares before news of the Trump Media merger became public.
Prosecutors also said the information was passed to Michael Shvartsman's neighbors and to Gerald Shvartsman's employees at a furniture supply store. As soon as the news hit and the share price increased in value, the defendants, the neighbors and the employees all sold at significant profit, according to the criminal charges.
- Joined
- Sep 13, 2007
- Messages
- 13,440
- Reaction score
- 13,532
imagine caring about this
- Joined
- Oct 13, 2012
- Messages
- 21,170
- Reaction score
- 32,902
