Two investors in Trump Media insider trading case plead guilty

Florida venture capitalists Michael Shvartsman and his brother Gerald Shvartsman have pleaded guilty to participating in an insider trading scheme related to former President Donald Trump’s social media business. The brothers admitted to receiving confidential information about the merger between DWAC and Trump Media and using it for illegal trades. They, along with another individual, made over $22 million in profits. The Trump Media merger recently closed, benefiting Trump as the dominant shareholder. Trump Media’s stock dropped by 4% following the convictions. The defendants shared the secret information with friends and colleagues before the deal was made public. There is no indication of Trump’s involvement in the scheme.