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Former President Donald Trump was accused in a lawsuit Wednesday of trying to “drastically dilute” the value of stock shares in his social media company held by the firm’s co-founders, potentially depriving themof hundreds of millions of dollars in profits.
A man already charged with insider trading related to a shell company's planned merger with Donald Trump's social media firm was hit with a new money laundering count in Manhattan federal court. Michael Shvartsman was also accused in a superseding indictment unsealed Wednesday of engaging in a monetary transaction in property derived from unlawful activity. The new indictment details two money transfers Shvartsman conducted after netting a profit of about $18.2 million from selling Digital World Acquisition Corp. securities in fall 2021. Later that year, he used a large chunk of that money to buy a luxury yacht, prosecutors allege. Shvartsman, his brother Gerald Shvartsman and Bruce Garelick were indicted in June on securites fraud charges related to their sale of DWAC securities in fall 2021 and other conduct. The trio of investors allegedly bought DWAC securities after
Digital World Acquisition Corp., the blank-check acquisition company that has agreed to take former U.S. President Donald Trump's social media platform public, is nearing a $50 million financing deal, people familiar with the matter said on Thursday.