A pair of brothers pleaded guilty in Manhattan federal court Wednesday to participating in a $22 million insider trading scheme involving the proposed 2021 SPAC merger of Digital World Acquisition Corp. with former President Donald Trump’s media company, Trump Media & Technology Group.
Michael Shvartsman, 53, and Gerald Shvartsman, 46, of Florida each pleaded guilty to one count of securities fraud. The remaining defendant in the case, former DWAC board member Bruce Garelick, has pleaded not guilty to securities fraud charges.
