The Justice Department has accused three Florida men of insider trading in Digital World Acquisition Corp (DWAC) based on confidential information obtained before the special purpose acquisition company publicly announced plans to merge with former President Donald Trump’s social media company.
Michael Shvartsman, his brother Gerald Shvartsman, and Bruce Garelick made over $22 million in illegal profits in late 2021 based on their access to confidential information about DWAC’s planned merger with Trump Media & Technology Group (Trump Media), prosecutors alleged on June 29.
