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- The SEC has sued the former chief executive of the SPAC that helped take Trump's media company public.
- Patrick Orlando "falsely represented" his SPAC's talks with Trump Media, the SEC said.
- The SEC previously charged TMTG's former auditor with what it described as massive fraud.
The Securities and Exchange Commission (SEC) has sued Patrick Orlando — the former chairman and CEO of the SPAC that helped take Donald Trump's media company public.
The SEC says Orlando "falsely represented" that his blank check company, Digital World Acquisition Corp. (DWAC), wasn't planning to merge with a specific target.