Brothers Plead Guilty in $22 Million Trump SPAC Insider Trading Scheme

• Two brothers, Michael and Gerald Shvartsman, plead guilty to insider trading related to the deal to take Trump Media public

• The brothers made over $22 million by trading on non-public knowledge of the merger between Digital World Acquisition Corp and Trump Media

• The brothers passed confidential information about the deal to friends and colleagues, allowing them to profit as well

• The frenzy began when Trump announced plans to merge his new social media company with Digital World, a special purpose acquisition company

• There was no allegation that Trump himself was involved in the insider trading scheme