DWAC - Trump-Linked Digital World's Former CEO Sued By SEC For Securities Fraud | Benzinga
The U.S. Securities and Exchange Commission has filed a lawsuit against Patrick Orlando, the former CEO of Digital World Acquisition Corp, the company that facilitated the public listing of Donald Trump‘s social media venture. The lawsuit, filed on Wednesday, alleges Orlando of committing securities fraud.
What Happened: The SEC has accused Orlando of violating securities regulations by issuing misleading and false statements during his tenure at the special purpose acquisition company, reported Reuters on Thursday.
The lawsuit claims that Orlando deceived investors by not disclosing the company’s plans to acquire Trump Media & Technology Group Corp (NASDAQ:DJT) before DWAC’s initial public offering.
Orlando’s company, Digital World, completed its merger with Trump Media & Technology Group in ...