2 Investors Plead Guilty to Insider Trading Related to Trump’s Truth Social Merger

Two investors in former President Donald Trump’s social media company pleaded guilty Wednesday.
2 Investors Plead Guilty to Insider Trading Related to Trump’s Truth Social Merger
This illustration photo shows a person checking the app store on a smartphone for Truth Social with a photo of former President Donald Trump on a computer screen in the background, in Los Angeles, October 20, 2021. Chris Delmas/AFP via Getty Images
Jack Phillips
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Two investors in former President Donald Trump’s social media company pleaded guilty on Wednesday to insider trading in connection to the recent merger that ultimately took the company public.

Florida venture capitalists Michael Shvartsman and Gerald Shvartsman entered the pleas in a New York court to one count of securities fraud, which can carry a maximum sentence of 20 years in prison, according to prosecutors in a news release.

Jack Phillips
Jack Phillips
Breaking News Reporter
Jack Phillips is a breaking news reporter who covers a range of topics, including politics, U.S., and health news. A father of two, Jack grew up in California's Central Valley. Follow him on X: https://twitter.com/jackphillips5
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