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Insidertrading

All articles tagged with #insidertrading

business1 year ago

Trump Media Executives Offload Millions in DJT Stock

Trump Media's CFO Phillip Juhan, along with two other insiders, sold over $16 million in company stock following the presidential election. Juhan sold 384,000 shares, while director Eric Swider and general counsel Scott Glabe sold smaller amounts. Despite a market cap of $6.3 billion, Trump Media reported only $1 million in revenue for Q3 and a $19.2 million loss. The company's Truth Social app has a low user base compared to competitors. The stock sales were part of pre-planned trading strategies.

via CNBC|
#business#insidertrading#marketfluctuation
legalcrime1 year ago

"Guilty Pleas in Insider Trading Case Linked to Trump Media Merger"

Two men, Michael and Gerald Shvartsman, pleaded guilty to insider trading in securities related to the merger of Trump Media & Technology Group (TMTG) with a blank-check company. They illegally traded on inside information, making a total of $22 million in illegal profit. The company's shares have been volatile, and Trump's stake is currently worth about $4 billion. The Shvartsmans are scheduled to be sentenced on July 17, and the average prison sentence for federal fraud cases in the U.S. last year was around two years.

via NBC News|
#guiltyplea#insidertrading#legalcrime
legalcrime1 year ago

"Trump Media Investors Plead Guilty to Insider Trading Scheme"

Two investors in Trump Media, Michael and Gerald Shvartsman, pleaded guilty to securities fraud in connection with an insider trading scheme related to the merger of Digital World Acquisition Corporation and Trump Media & Technology Group. The brothers, along with a third individual, allegedly made over $22 million in illegal profits by trading on nonpublic information about the impending deal. The frenzy on Wall Street began after former President Donald Trump revealed plans to merge his new social media business with a special purpose acquisition company. The guilty pleas serve as a reminder of the consequences of corrupting the integrity of the stock market, and the Trump Media merger finally closed last week, leading to a surge in share price and a financial windfall for Trump.

via CNN|
#guiltyplea#insidertrading#legalcrime
crime1 year ago

"Texas Man's $1.7m Illegal Trading on Wife's WFH Calls"

A Texas man, Tyler Loudon, made $1.7 million through illegal insider trading by eavesdropping on his wife's WFH calls as a mergers and acquisitions manager at BP, where she discussed the company's plans to acquire TravelCenters of America. He purchased 46,000 shares of the company and profited almost $2 million after the takeover was announced. His wife was unaware of his actions, and despite BP finding no evidence of her involvement, she was put on administrative leave and later fired. Loudon faces up to five years in prison and a fine of up to $250,000.

via The Telegraph|
#bp#crime#divorce
business2 years ago

Former OpenSea Manager on Trial for Alleged NFT Insider Trading

The trial of ex-OpenSea product manager Nathaniel Chastain, who was arrested for wire fraud in connection with an alleged insider trading scheme involving non-fungible tokens (NFTs), is set to begin this week. Prosecutors claim Chastain used confidential business information at OpenSea to buy and resell NFTs for profit. Chastain's lawyers argue that his actions did not constitute insider trading as the information obtained presented no value to OpenSea. If convicted, Chastain faces a maximum of 20 years in prison.

via Gizmodo|
#business#fraud#insidertrading