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Investor in company that took Trump Media public pleads guilty to insider trading

Reuters · 1y ago

Investor in company that took Trump Media public pleads guilty to insider trading

Gerald Shvartsman, an early investor in the company that took Donald Trump's media business public, has pleaded guilty to federal insider trading charges. Shvartsman, along with his brother and the chief investment officer of their venture capital firm, allegedly tipped others about the company's merger talks and illegally profited by $22 million. The company, Digital World Acquisition, later merged with Trump Media and has recently disclosed significant financial losses. Trump Media is also facing legal disputes with co-founders.

Related News

Two friends, a mega deal and insider trading. Here’s how Sebi uncovered a crime

Livemint

Livemint · 6m ago

Two friends, a mega deal and insider trading. Here’s how Sebi uncovered a crime

In July 2020, Infosys secured a $1.89 billion contract from Vanguard, prompting insider trading investigations by SEBI. Two former Wipro employees, Keyur Maniar and Ramit Chaudhri, were found guilty of using non-public information post-deal announcement to profit. SEBI fined Maniar ₹2.6 crore plus interest and banned both from securities trading for a year. The case underscores the prevalence of insider trading in IT, prompting calls for tougher corporate penalties and better internal controls.

Apple ex-lawyer ordered to pay $1.15 million SEC fine for insider trading

Economic Times

Economic Times · 1y ago

Apple ex-lawyer ordered to pay $1.15 million SEC fine for insider trading

Former Apple lawyer, Gene Levoff, who pleaded guilty to insider trading, has been ordered by a federal judge to pay a $1.15 million fine in a related civil case brought by the US Securities and Exchange Commission. The judge emphasised that Levoff's actions were particularly egregious given his former role in enforcing Apple's insider trading policies. Levoff had been fired by Apple in 2018 and was subsequently charged with making stock trades based on nonpublic information about the company's earnings announcements. He pleaded guilty in 2022 and was sentenced to probation, community service, and a forfeiture.

Crypto firm pleads guilty to operating illegally in US

Economic Times

Economic Times · 5m ago

Crypto firm pleads guilty to operating illegally in US

An offshore crypto trading firm, OKX, pled guilty to illegally operating as an unlicensed money transmitting business in the U.S. and agreed to pay $504 million in fines. Despite marketing itself in the U.S., it failed to register with federal regulators, violating anti-money laundering laws. The company, overseen by Aux Cayes FinTech, claimed no customers were harmed. The plea comes amidst the SEC's regulatory pullback on the crypto industry, impacting firms like Robinhood and Coinbase.

Nuveen Insider Trader Ordered to Pay $38 Million to TIAA-CREF

Livemint

Livemint · 1y ago

Nuveen Insider Trader Ordered to Pay $38 Million to TIAA-CREF

Former Nuveen trader Lawrence Billimek, who was recently sentenced to nearly six years in prison for insider trading, has been ordered to pay Nuveen's parent company, TIAA-CREF, over $38 million in restitution. Billimek and his co-conspirator, Alan Williams, pleaded guilty to engaging in a front-running scheme which resulted in poor execution for Nuveen clients. The judge denied some of the fees requested by TIAA-CREF, as well as their request for interest, but held both men liable for the restitution amount. The case highlights the consequences of insider trading and the negative impact it has on investors.

Trump's social media company to debut on Nasdaq following Digital World merger

Livemint

Livemint · 1y ago

Trump's social media company to debut on Nasdaq following Digital World merger

Donald Trump's media business, Trump Media & Technology Group, which includes the social networking site Truth Social, is set to begin trading on the Nasdaq stock market soon. Shareholders of Digital World Acquisition Corp., a publicly traded shell company, approved the merger with Trump's media business. If the merger goes through, Trump could potentially receive a payout of over $3 billion. However, there is a lock-up provision that prevents immediate cashing out of the shares. The deal has faced legal challenges and Trump Media has reported losses in the past.

Zee Media's clarification on Sebi action on guest experts for unlawful trading

Livemint

Livemint · 1y ago

Zee Media's clarification on Sebi action on guest experts for unlawful trading

Zee Media has issued a clarification denying any involvement in the unlawful trading activities of guest experts appearing on Zee Business Channel. The company stated that it has no relation beyond their TV appearances and that SEBI has not passed any orders against them. On 8 February, SEBI took action against 15 guest experts on the channel for unlawful trading, stating that they made gains of ₹7.41 crore from such trades. SEBI has ordered the experts to pay this amount and has restrained them from further securities dealings.

Trump's media company raises going-concern doubts; shares tumble

Economic Times

Economic Times · 1y ago

Trump's media company raises going-concern doubts; shares tumble

Shares of Trump Media & Technology Group have dropped by nearly 18% as the company faces doubts about its financial viability. The parent company of Truth Social, a platform recently launched through a blank-check merger, reported a net loss of $58.2 million for 2023. Revenue increased to $4.13 million, but management expressed concerns about meeting liabilities. Trump Media expects ongoing operating losses and negative cash flows while focusing on growing its user base, attracting more partners and advertisers. The stock initially saw a surge in value but has since experienced volatile trading. Additionally, Trump Media and co-founders Wesley Moss and Andrew Litinsky are involved in a legal dispute over ownership stakes in the company.

Binance Co-Founder Offers $10,000 Bounties to Employees Who Report Leaks

Startup News FYI

Startup News FYI · 1y ago

Binance Co-Founder Offers $10,000 Bounties to Employees Who Report Leaks

Binance co-founder Yi He announced a new policy offering bounties of $10,000 to employees who report insider trading or information leaks. This comes after allegations of insider trading at the company involving the listing of token Ronin. The move mirrors a previous incident at Coinbase, where former product manager Ishan Wahi and his brother were charged with insider trading. Binance is taking steps to prevent similar issues and maintain market integrity.

'Pay for our losses': Why Indian traders are angry with Groww

IndianStartupNews

IndianStartupNews · 1y ago

'Pay for our losses': Why Indian traders are angry with Groww

Groww, a trading app and rival of Zerodha, faced backlash as users reported technical glitches during intraday trading. This comes after similar issues were experienced by Zerodha users in the past. Angry traders took to social media to express frustration and even suggested legal action against Groww. The company acknowledged the problem and assured users that their team was working to resolve it. Additionally, Groww warned users about a fake support handle on Twitter and advised them to only contact the official account.

Radico Khaitan's former legal head and compliance officer fined Rs 5 lakh for violating insider-trading norms

Money Control

Money Control · 1y ago

Radico Khaitan's former legal head and compliance officer fined Rs 5 lakh for violating insider-trading norms

Amit Manchanda, the former Vice President-Legal and Compliance Officer of Radico Khaitan, has been fined Rs 5 lakh for insider trading violations. The Securities and Exchange Board of India (SEBI) found that Manchanda failed in his responsibility to monitor trades and administer the Prevention of Insider Trading (PIT) Regulations effectively within the company. The order noted that the company has taken remedial and punitive measures, including imposing monetary penalties and debarment from the securities market, on the individuals involved. However, Manchanda's claims of misinterpretation of regulations and the impact of the Covid-19 pandemic were deemed unacceptable by SEBI.

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