Florida Brothers Plead Guilty To Insider Trading Related To Trump Media
HuffPost
The brothers made millions before the announcement that Donald Trump's media company would be taken public.
NEW YORK (AP) — Two Florida brothers pleaded guilty Wednesday to insider trading charges, admitting making over $22 million illegally before the public announcement in 2021 that an acquisition firm was taking former President Donald Trump’s media company public.
Michael and Gerald Shvartsman entered their pleas to a single count of securities fraud in Manhattan federal court, where Judge Lewis J. Liman set sentencing for July 17.
The men said that they knew they were committing a crime when they made trades in October 2021 through a New York broker.
“I’ve made a terrible mistake,” Gerald Shvartsman told the judge as he pleaded guilty. He added that it was “wrong and the mistake I will pay for dearly the rest of my life.”
His brother told the judge that he knew that his securities trades were wrong and illegal.
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