On November 11, 2021, two individuals, Patrick Orlando and Bryan C. Addington II, pled guilty to charges of insider trading related to Trump Media & Technology Group’s merger with Digital World Acquisition Corp.
According to the U.S. Attorney’s Office in the Southern District of New York, Orlando and Addington obtained confidential information about the impending merger before it was announced to the public. Using this information, they purchased securities in Digital World Acquisition Corp. and subsequently sold them once the merger was public knowledge, making significant profits.
Orlando, who was previously a securities trader, and Addington, a practicing attorney, were each charged with one count of securities fraud, which carries a maximum penalty of 20 years in prison, and one count of conspiracy to commit securities fraud, which carries a maximum penalty of five years in prison.
Their sentencing dates are yet to be scheduled. The Securities and Exchange Commission is also conducting a separate civil enforcement proceeding concerning these individuals.
Two plead guilty to insider trading related to Trump Media merger
On November 11, 2021, two individuals, Patrick Orlando and Bryan C. Addington II, pled guilty to charges of insider trading related to Trump Media & Technology Group’s merger with Digital World Acquisition Corp.
According to the U.S. Attorney’s Office in the Southern District of New York, Orlando and Addington obtained confidential information about the impending merger before it was announced to the public. Using this information, they purchased securities in Digital World Acquisition Corp. and subsequently sold them once the merger was public knowledge, making significant profits.
Orlando, who was previously a securities trader, and Addington, a practicing attorney, were each charged with one count of securities fraud, which carries a maximum penalty of 20 years in prison, and one count of conspiracy to commit securities fraud, which carries a maximum penalty of five years in prison.
Their sentencing dates are yet to be scheduled. The Securities and Exchange Commission is also conducting a separate civil enforcement proceeding concerning these individuals.
