NEW YORK (AP) — Two Florida brothers pleaded guilty Wednesday to insider trading charges, admitting making over $22 million illegally before the public announcement in 2021 that an acquisition firm was taking former President Donald Trump’s media company public.
Michael and Gerald Shvartsman entered their pleas to a single count of securities fraud in Manhattan federal court, where Judge Lewis J. Liman set sentencing for July 17.
The men said that they knew they were committing a crime when they made trades in October 2021 through a New York broker.
“I’ve made a terrible mistake,” Gerald Shvartsman told the judge as he pleaded guilty. He added that it was “wrong and the
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