Insider Trading Guilty Pleas in Trump Media Merger

Two men, Michael and Gerald Shvartsman, pleaded guilty to insider trading in securities related to the merger of former U.S. President Donald Trump's media business. They illegally traded on inside information about Trump Media & Technology Group's plan to go public through a merger with a blank-check company, making a total of $22 million in illegal profit. The Shvartsmans are scheduled to be sentenced on July 17, and securities fraud carries a maximum sentence of 20 years in prison. Trump Media is also facing legal battles with co-founders and has disclosed significant financial losses in 2023.