Investor convicted in Trump Media insider trading case

A federal jury in New York on Thursday convicted an investor of insider trading in the stock of a shell company ahead of its announcement in October 2021 that it would merge with Trump Media. The investor, Bruce Garelick, had been on the board of directors of the publicly traded company, Digital World Acquisition Corp.

All three men then bought up DWAC stock based on that non-public information and then sold their shares after the price soared following the announcement of the deal to combine with Trump Media, prosecutors said. Garelick made a profit of just $49,000 on the illicit trades, but the Shvartsmans earned a whopping $23 million, according to prosecutors. “Bruce Garelick was part of a sophisticated group of individuals invited to invest in Digital World Acquisition Corporation ...

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