Father and Son Plead Guilty to $22 Million DWAC Insider Trading Scheme

• Two individuals, Michael Shvartsman and Gerald Shvartsman, pleaded guilty to insider trading related to the merger between DWAC and Trump Media.

• The defendants made over $22 million in illegal profits by trading DWAC stocks based on confidential, non-public information about the merger.

• The defendants had signed non-disclosure agreements prohibiting them from trading or disclosing confidential info about the DWAC deal.

• The defendants face maximum sentences of 20 years in prison and will be sentenced in July 2024.

• The case was investigated by the FBI, Homeland Security, and SEC, and is being prosecuted by the Southern District of New York.