2023-06-29 11:37:08 ET
Federal prosecutors on Thursday arrested three investors for alleged insider trading in a deal to take public the media business of former President Donald Trump.
The three people made more than $22 million in illegal profits after buying shares in Digital World Acquisition Corp. when they secretly learned about the special-purpose acquisition company’s (SPAC) plan to buy Trump Media & Technology Group, according to the indictment.
The stock’s value surged after the Trump deal was announced, according to prosecutors. They said the defendants and individuals who were tipped off sold their for a significant profit.
The three men surrendered to authorities and are expected to appear in federal court in Miami later Thursday.
For further details see:
Feds arrest three on charges of illegal trading before Trump SPAC merger