Trial begins for financial executive in insider trading case tied to taking Trump media firm public
Release time：2024-05-01 23:01:27 Source：Horizon Herald news portal
NEW YORK (AP) — An insider trading trial began Tuesday for a financial executive charged with enabling his boss and others to make millions of dollars illegally on news that an acquisition firm would be taking former President Donald Trump’s media company public.
In an opening statement, Assistant U.S. Attorney Elizabeth Hanft accused Bruce Garelick of tipping off his boss and friends to news in 2021 that the special purpose acquisition company, Digital World Acquisition Corp., was merging with Trump Media & Technology Group.
Defense attorney Jonathan Bach insisted in his opening that Garelick was innocent and did not tip off anyone.
“He did not commit any crime. Bruce is an honest and ethnical man,” Bach told the jury in Manhattan federal court.
Several weeks ago, Garelick’s co-defendants — Michael Shvartsman of Sunny Isles Beach, Florida, and his brother, Gerald Shvartsman of Aventura, Florida — pleaded guilty to insider trading charges, admitting that they made over $22 million illegally. They are scheduled to be sentenced on July 17.
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