World News | 3 Charged in Insider Trading Case Related to Taking Ex-President Donald Trump's Media Company Public

New York, Jun 29 (AP) Three Florida men were arrested on Thursday and charged with illegally making over USD 22 million by insider trading ahead of the public announcement that a special purpose acquisition corporation was going to take a media company owned by former President Donald Trump public.

The charges were outlined in an indictment unsealed in Manhattan federal court.

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According to the indictment, the men were invited to invest in Digital World Acquisition Corp. and were provided confidential information that a potential target of DWAC and another acquisition corporation, Benessere Capital Acquisition Corp., was Trump Media and Technology Group.

Authorities said the defendants bought millions of dollars of DWAC securities on the open market before news of the Trump media business was made public.

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After the public announcement, the men were accused of dumping their securities for a significant profit, according to the court papers.

The men who were arrested were identified as Michael Shvartsman, Gerald Shvartsman and Bruce Garelick. It was not immediately clear who will represent them at initial court appearances in Florida. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)