The case relates to alleged insider trading in shares of the shell company that merged with Trump Media, the social media company of Donald Trump.
A Florida venture capitalist and his brother moved toward potential guilty pleas in an insider trading case connected to the merger that took Donald Trump's social media company public.
In a brief phone call with CNBC on Monday, Futerfas said he could not talk about the case and whether Shvartsman would plead guilty, nor why he had been hired to represent him.Earlier this year, the Florida-based venture capital investor was charged with money laundering in the case on top of the securities fraud counts he already faced.
Like the brothers, Garelick has pleaded not guilty. As of late Monday, there was no change of plea hearing for him scheduled on the docket. In 2021, Garelick was working for Shvartsman while also serving on the board of DWAC, then a little known shell company. When Garelick learned about the negotiations between DWAC and Trump Media to merge, prosecutors allege that he shared that information with Shvartsman, who in turn shared it with his brother, Gerald.When DWAC announced that it planned to merge with Trump Media in October, the company's stock soared from around $10 a share to close at $94 a share on Oct. 24, 2021.
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