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- Two brothers were accused of insider trading ahead of Trump Media's public offering.
- Michael and Gerald Shvartsman each pleaded guilty to one count of securities fraud.
- The brothers pocketed $22 million in the scheme, according to prosecutors.
Two brothers accused of participating in an insider trading scheme ahead of the public offering of former President Donald Trump's Truth Social media platform pleaded guilty Wednesday to one count of securities fraud apiece.
Florida's Michael and Gerald Shvartsman were charged with making illegal trades thanks to the nonpublic knowledge that Digital World Acquisition Corp — a SPAC — was going to acquire Trump Media & Technology Group to take it public, according to the indictment. Trump Media is Truth Social's parent company.