NEW: Three men who funded a social media company founded by former Pres. Trump have been charged with insider trading.
MORE: Truth Social could provide Trump with infusion of cash -- but critics are concerned about its content
Garelick was given a seat on DWAC's board, allowing him access to nonpublic information about the company's plans to merge with Trump Media. According to federal prosecutors, Garelick provided the information to Michael and Gerald Shvartsman, who were able to buy millions of shares beforeProsecutors also said the information was passed to Michael Shvartsman's neighbors and to Gerald Shvartsman's employees at a furniture supply store.
Michael Shvartsman, 52, of Sunny Isles Beach, Florida; Gerald Shvartsman, 45, of Aventura, Florida; and Garelick, 53, of Fort Lauderdale, Florida, all face securities fraud charges that carry a maximum sentence of 20 years in prison. "Insider trading is not a quick buck," U.S. Attorney Damian Williams said in a statement. "It's not easy money. It's not a sure thing. It's cheating. It's a bad bet. It's a ticket to prison."
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