"Guilty Pleas in Insider Trading Scheme Linked to Trump Media Merger"

Two individuals, Michael Shvartsman and Gerald Shvartsman, have pleaded guilty to securities fraud in connection with an insider trading scheme involving the merger of Digital World Acquisition Corporation with Trump Media & Technology Group. The Shvartsmans made over $22 million in illegal profits by trading on non-public information about the merger, in violation of non-disclosure agreements. They are scheduled to be sentenced in July 2024 and face a maximum sentence of 20 years in prison. The case was investigated by the FBI and Homeland Security Investigations, with parallel civil action filed by the U.S. Securities and Exchange Commission.