Financier Found Guilty in Trump Media Insider Trading Trial
Bruce Garelick was convicted of securities fraud for leaking confidential info about merger involving parent company of Trump's Truth Social to Michael and Gerald Shvartsman who made $23mil - both pleaded guilty to securities fraud.
Garelick was a former board member of Digital World Acquisition Corp which recently merged with Trump Media & Technology Group.
#FederalProsecutors secure #GuiltyVerdict in case of #Trumpworld #SPAC Board Member for alleged $22 million #InsiderTrading scheme . #HedgeFund racketeer #BruceGarelick found guilty of all five of the federal #conspiracy and #SecuritiesFraud charges against him for using his seat on the board of #DigitalWorld Acquisition Corporation to "betray trust" and ethical obligations and clue in others on upcoming profitable #merger with #DJT's #TruthSocial venture.
Incidentally shares of #TrumpMedia traded up more than 10% to $54.45 as of 3:30 p.m yesterday bringing the stock to a high not seen since late March.
https://www.law.com/dailybusinessreview/2024/05/09/ex-board-member-of-trump-media-spac-merger-partner-is-guilty-in-insider-trading-case/ #CrimeNews #SEC #SDNY
Prosecutors had accused Garelick of using information he obtained through his seat on the board of Digital World Acquisition Corporation to tip off two Florida brothers about the upcoming SPAC merger.
Trial began Tues for Bruce Garelick - charged with enabling boss Michael Shvartsman at Rocket One and others to make millions illegally on inside info that acquisition firm DWAC was taking Trump Media public
Garelick made about $50,000 from DWAC trades, Michael Schvartsman made $18 mil, Gerald Shvartsman made $5mil - Shvartsmans both pled guilty
Russian born FL businessman Anton Postolnikov made $22mil (not charged)
#BruceGarelick #MichaelShvarstman #DWAC #TrumpMedia
https://www.cnbc.com/2024/05/01/trump-media-insider-trading-trial-begins-in-new-york-.html
Wendy Siegelman
LilMikeSF