One of the three investors charged with insider trading in connection with the listing vehicle that took Donald Trump’s media company public intends to change his not-guilty plea in the case less than a month before a federal court trial is set to begin, Bloomberg reports.
US District Judge Lewis J. Liman on Monday scheduled a hearing on the plea change later in the week, but didn’t specify in his order how Michael Shvartsman will plead. Such entries usually reflect a decision by defendants to admit guilt in at least one charge. Prosecutors and lawyers for Shvartsman didn’t respond to inquiries seeking comment.
A trial is set to start April 29 for Shvartsman, the CEO of Rocket One Capital, his brother Gerald, and Bruce Garelick, a Rocket executive and former member of Digital World Acquisition’s board. They’re accused of making more than $22 million trading ahead on confidential information about potential targets of the SPAC, including Trump Media & Technology Group. Read more.
