Investor in company that took Trump Media public pleads guilty to insider trading

[BumRushDaShow]

Source: Reuters

April 3, 2024 10:50 AM EDT


NEW YORK, April 3 (Reuters) - An early investor in the company that took former U.S. President Donald Trump's media business public pleaded guilty in Manhattan on Wednesday to a federal insider trading charge.

Gerald Shvartsman pleaded guilty at a hearing before U.S. District Judge Lewis Liman.

Prosecutors charged Shvartsman, his brother and a third man last year with illegally trading on inside information about Trump Media & Technology Group's (TMTG) (DJT.O) plan to go public through a merger with a blank-check company. TMTG operates Truth Social, Trump's main social media platform.

All three men had pleaded not guilty and were scheduled to face trial late this month. Shvartsman's brother, Michael Shvartsman, head of Miami-based venture capital firm Rocket One Capital, was scheduled to change his plea at a hearing later on Wednesday. Rocket One's chief investment officer, Bruce Garelick, also faces charges.


Read more: https://www.reuters.com/business/media-telecom/investor-company-that-took-trump-media-public-pleads-guilty-insider-trading-2024-04-03/

[MontanaMama]

1. Is there anyone in his orbit

with any integrity at all? No. The answer is no.

[bucolic_frolic]

2. Everybody's got a venture capital or hedge fund

[sinkingfeeling]

3. Well, Tr**p says he only has the "best people".

[Freethinker65]

4. Um. Wonder if anyone else is involved? Friends, family, business partners?

Didn't Martha Stewart actually go to jail for acting on an insider tip?

[Harker]

5. Yes, she did, and it's a good thing. n/t

[KPN]

7. The whole merger w/ blank check company was trumped up from the get go.

It seems obvious to me that the entire scheme is and was corrupt and a complete, colossal grift from the outset. Worse, it almost certainly involves foreign sourced investors. I don’t have any facts to back that up, but I would be greatly surprised if that turns out to be not the case. Sure, there’s probably plenty of die hard MAGAts as well as supremacist billionaires investing in DJT, but they are and were not guided by normal investment fundamentals in doing so. It’s one huge scam.

[SouthernDem4ever]

10. Yes. Let's see if these assholes do.

They definitely deserve it.

[FredGarvin]

6. Stock was 16 now 49

A lot of people are going to make billions on insider trading. Again. As usual.

[Kennah]

8. Last 5 days

[SouthernDem4ever]

11. Why is it that high? Does someone need to point at the naked emporer and laugh?

What does it take?

[Kennah]

13. His tiny orange dick is difficult to see

[Bengus81]

12. Stock hit damn near $80 on 3/26. Now at $49.58

Trumps shares are worth 2.37B less than just a few days ago. The closer it gets to Sept and when he can DUMP, the lower and lower the pps will be.

[Martin68]

9. Everything Trump touches turns to shit. The reverse Midas Effect.