Three investors were apprehended on Thursday by United States federal prosecutors over insider trading charges related to the public listing of the media company owned by former President Donald Trump.
The trio is accused of unlawfully profiting over $22 million by buying shares in Digital World Acquisition Corp. after discovering the blank-check firm's plans to acquire Trump Media & Technology Group. The securities they acquired saw a substantial increase in value after the announcement of the deal, allegedly allowing the defendants to sell their stakes at a considerable profit.
The three suspects have turned themselves in and are scheduled to appear in a federal court in Miami later today. There are no allegations that Trump had any involvement in the matter.