The arrests followed a lengthy investigation by federal prosecutors in Manhattan into trading in the securities of Digital World Acquisition Group, a so-called special purpose acquisition company. The inquiries focused on a small Miami-based venture capital firm, Rocket One Capital, led by Michael Shvartsman. Also charged was Bruce Garelick, a former hedge fund manager who had worked at Rocket One. He, too, was a board member of Digital World before resigning last summer. Trump Media is supposed to merge with Digital World.

Source: New York Times July 04, 2023 00:47 UTC