Two Florida men plead guilty to insider trading charges related to taking Trump media firm public

Published April 3, 2024 11:19 AM

By LARRY NEUMEISTER
Associated Press

NEW YORK (AP) — Two Florida brothers have pleaded guilty to insider trading charges, admitting they made over $22 million illegally before the 2021 public announcement that an acquisition firm was taking former President Donald Trump’s media company public. Michael and Gerald Shvartsman each entered pleas to a single count of securities fraud in Manhattan federal court on Wednesday. The men said that they knew they were committing a crime when they made trades in October 2021 through a New York broker. The indictment against them did not in any way implicate Trump. Sentencing was set for July 17.

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