Two investors in Trump Media insider trading case plead guilty
New York (CNN) — Florida venture capitalist Michael Shvartsman and his brother Gerald Shvartsman pleaded guilty on Wednesday to participating in an insider trading scheme linked to the blockbuster deal that brought former President Donald Trump’s social media business public.
Posted — UpdatedEach of the brothers pleaded guilty in New York to one count of securities fraud, which carries a maximum sentence of 20 years in prison, according to federal prosecutors.
The two brothers were arrested in June and charged with illegally trading on nonpublic knowledge of a shell company’s secret plan to buy Trump Media & Technology Group, the parent company of struggling social network Truth Social.
This is a developing story. It will be updated.
– CNN’s Kara Scannell contributed to this report
The-CNN-Wire™ & © 2024 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
Copyright 2024 by Cable News Network, Inc., a Time Warner Company. All rights reserved.
