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International Business Times
International Business Times
Business
Jarin Noshin

Insider Trading Alert: Brothers Confess To Illicit Profits In Trump Media's Public Debut

Trump Media Donald Trump Andrew Litinsky Michael Shvartsman TMTG Wesley Moss Trump Media & Technology Group (

Two individuals, Michael Shvartsman, aged 53, and his brother Gerald Shvartsman, aged 46, have pleaded guilty to charges of securities fraud in Manhattan's U.S. District Court. The guilty pleas come in connection with insider trading related to the public listing of former U.S. President Donald Trump's media venture.

The brothers, along with Rocket One Capital's chief investment officer, Bruce Garelick, were accused of illicitly trading on nonpublic information regarding Trump Media & Technology Group's (TMTG) plans to go public via a merger with a blank-check company. TMTG, known for operating Truth Social, Trump's social media platform, attracted substantial attention amid the charged political climate.

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