Florida venture capitalist Michael Shvartsman and his brother Gerald Shvartsman pleaded guilty today to participating in an insider trading scheme linked to the blockbuster deal that made former President Donald Trump's social media business public.
Each of the brothers pleaded guilty in New York to one count of securities fraud, which carries a maximum sentence of 20 years in prison.
The men were arrested in June and charged with illegally trading on nonpublic knowledge of a shell company's secret plan to buy Trump Media & Technology Group, the parent company of struggling social network Truth Social.
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