Shapiro Arato Bach partner Jonathan P. Bach on Tuesday told jurors in the Southern District of New York that his client Bruce Garelick, a former board member of the company that embarked on a proposed SPAC merger with former President Donald Trump’s media company in 2021, did not engage in insider trading.
Garelick has pleaded not guilty to one count of securities fraud. He has been accused of sharing confidential information acquired through his position as a Digital World Acquisition Corporation board member to help a pair of Florida-based brothers, Michael and Gerald Shvartsman, earn $22 million on the stock market when news of the upcoming SPAC merger became public.
