SEC Investigates DWAC Investors for Insider Trading Before Trump Deal
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Investors in DWAC, the SPAC set to merge with Trump's media company, are accused of insider trading before the deal was announced. Documents show an FBI probe into their trades.
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Investor Michael Shvartsman and others bought DWAC shares based on insider info, then sold after the merger news for $22 million in profit.
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The investigation involves the FBI, SEC, and Homeland Security tracking funds and offshore accounts tied to the investors.
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DWAC's CEO allegedly told investors about the Trump deal months before it was public, violating securities laws. The SEC has charged DWAC over misleading investors.
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The probe raises questions about Trump's deal and business partners, though no wrongdoing by Trump Media is alleged. But it's blocked access to the $300 million Trump expected from the merger.