"South Florida Trio Accused of Illegally Profiting $22M in Trump Media Insider Trading Case"
Three men from South Florida have been arrested and charged with insider trading, allegedly making over $22 million by trading on confidential information about the merger between former President Donald Trump's media company and a special purpose acquisition company (SPAC). The charges do not implicate Trump or his media company. The arrested individuals are accused of buying DWAC securities before the public announcement of the merger and then selling them for a significant profit. The indictment states that one of the defendants tipped off a neighbor to buy stock in DWAC. The charges make it less likely that the merger will be approved by securities regulators, potentially impacting the $1.3 billion promised to Trump Media upon completion of the merger.
