Posted 4/3/2024, 8:17:00 PM
Brothers Plead Guilty to $22 Million DWAC Insider Trading Scheme
- Two brothers, Michael and Gerald Shvartsman, pleaded guilty to insider trading related to the DWAC/Trump Media deal
- The brothers made $22 million in profits by trading on non-public info about the DWAC/Trump Media merger
- They obtained confidential details about the timeline of the deal announcement
- The brothers bought DWAC shares before the merger went public, then sold at a profit
- They face up to 20 years in prison when sentenced in July
