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RWNJ crime spree continues [1]

['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']

Date: 2023-07-03  

Federal authorities charged three men on Thursday with taking part in a scheme to make $22 million in illegal profits by trading ahead of the proposed merger of former President Donald J. Trump’s social media company with a cash-rich public shell company in fall 2021.

The arrests followed a lengthy investigation by federal prosecutors in Manhattan into trading in the securities of Digital World Acquisition Group, a so-called special purpose acquisition company. The inquiries focused on a small Miami-based venture capital firm, Rocket One Capital, led by Michael Shvartsman.

Federal prosecutors in Manhattan said they had charged Mr. Shvartsman and his brother Gerald, who owns an outdoor furnishing store in Miami, accusing them of improper trading. Also charged was Bruce Garelick, a former hedge fund manager who had worked at Rocket One. He, too, was a board member of Digital World before resigning last summer.

None of the individuals arrested are said to have any connection to Mr. Trump or anyone associated with Trump Media & Technology Company, the parent company of his right-leaning social media platform, Truth Social, said one person briefed on the matter, who spoke on the condition of anonymity because he was not authorized to speak publicly. Trump Media is supposed to merge with Digital World.

www.nytimes.com/...

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[1] Url: https://dailykos.com/stories/2023/7/3/2178997/-RWNJ-crime-spree-continues

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