| For
Insider Trades
on Trump Media
SPAC Mike
Shvartsman
Gets 28 Months
& GPS on
Yacht
by
Matthew Russell Lee, Patreon Book
Substack
SDNY COURTHOUSE,
Oct 17 – As the third of four
insider trading prosecutions
announced on June 29, 2023 by
the US Attorney for the
Southern District of New York,
Michael Shvartsman, Gerald
Shvartsman, and Bruce Garelick
were charged with making more
than $22 million dollars in
illegal profits by trading in
securities of Digital World
Acquisition Corporation based
on MNPI about DWAC’s planned
but not yet public business
combination with a media
company founded by former
President Donald J.
Trump.
On July 5, the
case was assigned - wheeled
out - to Judge Lewis J. Liman.
Inner City Press
was there on July 20 and live
tweeted, thread
On May 9, the
jury found Garelick guilty...
On October 16,
Gerald got 22 months.
On October 17,
after more than two hours,
Michael Shvartsman got 28
months, a $1 million fine -
and GPS added to his yacht.
Inner City Press was there, from
the thread:
Michael
Shvartsman's lawyer: The yacht
was taken care of like
someone's new-born baby - the
collateral was not in danger.
The government wanted to be
informed of every little move.
Michael Shvartsman's lawyer:
Then there are the taxes -
Judge: On
ill-gotten gains. It's a
cavalier attitude.
Judge:
We'll take a break
Now Michael
Shvartsman's wife: When
Michael was arrested, I
couldn't believe it. Then our
son started stuttering. I am
sorry Michael broke the
Federal law
Michael
Shvartsman: I did
something I should not have
done. There have been negative
newspaper stories that have
brought out the crazies
Judge: 46 months
would be disproportionate. He
did not plead to money
laundering. They got out of
Ukraine. Mr Michael
Shvartsman, I sentence you to
28 months in prison and a
fine.
More on X for
Subscribers here
and Substack here
Watch this site.
This case
is US v. Shvartsman, et al.,
23-cr-307 (Liman)
***
Your
support means a lot. As little as $5 a month
helps keep us going and grants you access to
exclusive bonus material on our Patreon
page. Click
here to become a patron.
Feedback:
Editorial [at] innercitypress.com
SDNY Press Room 480, front cubicle
500 Pearl Street, NY NY 10007 USA
Mail: Box 20047, Dag
Hammarskjold Station NY NY 10017
Reporter's mobile (and weekends):
718-716-3540
Other, earlier Inner City Press are
listed here,
and some are available in the ProQuest
service, and now on Lexis-Nexis.
Copyright 2006-2023 Inner City
Press, Inc. To request reprint or other
permission, e-contact Editorial [at]
innercitypress.com
|
,
