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☆ Prosecutors seek years in prison for Trump Media insider trading Shvartsman brothers
▼ + stars: | 2024-10-11 | by ( Dan Mangan | ) www.cnbc.com time to read: +7 min

Michael Shvartsman, 53, was born in Ukraine when it was part of the Soviet Union. "Mr. Shvartsman has paid a steep price for his insider trading," those lawyers wrote. "Altogether, Shvartsman exhibits a troubling pattern of acting as though he were above the law," prosecutors wrote. "The defendant is a wealthy, successful businessman," prosecutors wrote about Gerald Shvartsman, who is a married father of two children. Roland Riopelle, a lawyer for Gerald Shvartsman, is asking Liman for a sentence with no prison time.

Persons: Michael Shvartsman, Amr Alfiky, Gerald Shvartsman, Lewis Liman, Bruce Garelick, Garelick, Michael Shvartsman's, Donald Trump —, Donald Trump, Jim Watson, DWAC, Alan Futerfas, Dennis Vacco, Judge Liman, Shvartsman, Prosecutors, Roland Riopelle, Liman, Riopelle Organizations: Manhattan Federal Court, Reuters Prosecutors, New, Trump Media, Prosecutors, Soviet Union, Reuters, Rocket, Digital, Republican, Afp, Getty, Trump, Manhattan U.S, Attorney's Locations: Manhattan, New York City, U.S, New York, Florida, Ukraine, Soviet, Italy, Toronto, Canada, Michael Shvartsman's Miami, DWAC, Butler , Pennsylvania

☆ Trump Media investor convicted of insider trading ahead of merger
▼ + stars: | 2024-05-09 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

A federal jury in New York on Thursday convicted an investor of insider trading in the stock of a shell company ahead of its announcement in October 2021 that it would merge with Trump Media . Two co-defendants of Garelick, the brothers Michael and Gerald Shvartsman, pleaded guilty to insider trading charges on April 3. "Garelick's federal conviction is yet another stark reminder that insider trading is always a losing bet." DWAC and Trump Media completed their merger in late March. Trump Media hired a new auditor, Semple, Marchal & Cooper LLP last weekend to replace BF Borgers.

Persons: Bruce Garelick, Donald Trump, Stormy Daniels, Michael, Gerald Shvartsman, Garelick, Michael Shvartsman's, Damian Williams, Williams, DJT, Benjamin Borgers, Semple, Cooper Organizations: Manhattan Federal Court, Trump Media, Trump, Garelick, Rocket, Prosecutors, Acquisition Corporation, Trump Media & Technology Group, Manhattan U.S, Public, Securities and Exchange Commission, SEC, BF, CPA, Marchal Locations: Manhattan, New York City, New York, U.S

☆ Trump Media insider trading trial begins with co-founder testifying, 'I've never been paid at all'
▼ + stars: | 2024-05-01 | by ( Dan Mangan | ) www.cnbc.com time to read: +6 min

The first witness in the insider trading case against Bruce Garelick was Andy Litinsky, a co-founder of Trump Media. Garelick has decided to take his chances with a jury after his two co-defendants, the brothers Michael Shvartsman and Gerald Shvartsman, pleaded guilty on April 3 to insider trading charges in the case. Garelick, Bach argued, "acted in good faith at all times." Shahabian repeatedly had Litinsky describe the confidentiality agreements in letters of intent that Trump Media signed with two prospective merger partners, DWAC and Bennessere Capital Acquisition Corp. Asked if he traded stock based on the confidential information, Litinsky likewise replied, "No," noting, "It would be against the rules."

Persons: Bruce Garelick, Amr Alfiky, Donald Trump, Andy Litinsky, Litinsky, Garelick, Michael Shvartsman, Gerald Shvartsman, Gerald, Attorney Elizabeth Hanft, Michael Schvartsman, Jonathan Bach, Bach, Bruce, Michael Shvartsman's, Matthew Shahabian, Wes Moss, Trump, Michael Kovac, Wireimage, Shahabian Organizations: Manhattan Federal Court, Reuters, Trump Media, Trump, Attorney, NBC, Hammerstein, DWAC, Bennessere, Corp Locations: Manhattan, New York City, U.S, Florida, DWAC, Providence , Rhode Island, Miami

☆ Shvartsman brothers plead guilty to insider trading on Trump Media merger plans
▼ + stars: | 2024-04-03 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

"I've made a terrible mistake," Gerald Shvartsman, 46, told Judge Lewis Liman in Manhattan federal court as he pleaded guilty, according to the Associated Press. Michael Shvartsman, 53, and Gerald Shvartsman, who owns a furniture manufacturing company, are scheduled to be sentenced on July 17. Sentencing guidelines recommend that Gerald Shvartsman, who netted about $4.6 million in illegal trading profits, receive a prison term of between 33 and 41 months. Alan Futerfas, a lawyer for Michael Shvartsman, declined to comment on the guilty plea. A lawyer for Gerald Shvartsman did not immediately respond to a request for comment.

Persons: Donald Trump's, Michael Shvartsman, Gerald Shvartsman, DWAC, I've, Judge Lewis Liman, Bruce Garelick, Michael Shvartsman's, Liman, Damian Williams, Alan Futerfas Organizations: Trump Media & Technology Group, Trump Media, Associated Press, Rocket, Manhattan U.S Locations: Florida, New York, Manhattan, Michael Shvartsman's Miami

☆ Two defendants in Trump Media insider trading case signal possible guilty pleas
▼ + stars: | 2024-04-01 | by ( Dan Mangan | ) www.cnbc.com time to read: +5 min

A Florida venture capitalist and his brother moved Monday toward potential guilty pleas in an insider trading case connected to the merger that took Donald Trump's social media company public last week. A new court filing Monday revealed that a change of plea hearing for the brothers will be held Wednesday afternoon in U.S. District Court in Manhattan. Trump Media and Technology Group mentioned the case in a securities filing on Monday. As of late Monday, there was no change of plea hearing for him scheduled on the docket. They are accused of buying up DWAC stock based on nonpublic information that the shell company was considering a possible merger with Trump's social media company, Trump Media and Technology Group, which owns the Truth Social app.

Persons: Michael Shvartsman, Donald Trump's, Gerald Shvartsman, Alan Futerfas, Michael Shvartsman's, Futerfas, Donald Trump, Shvartsman, Gerald Shvartman, Roland Riopelle, Bruce Garelick, Garelick, Judge Lewis Liman, Gerald, DWAC Organizations: Manhattan Federal Court, Trump Media, Trump Organization, CNBC, Technology Group, TMTG, DOJ, Department of Justice, U.S, Attorney's, Trump Media's, Nasdaq, Corp, Rocket, Shvartsman Locations: Manhattan, New York City, U.S, Florida, New York, South Florida, Miami, DWAC

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