#michaelshvartsman — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #michaelshvartsman, aggregated by home.social.
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Investor Gets Prison Time For Trump Media Insider Trading Scheme
Gerald Shvartsman sentenced to almost two years in prison after pleading guilty to a $22 million insider trading scheme involving the effort to take Trump Media & Technology Group public
Sentencing for his brother Michael is scheduled for Thursday and associate Bruce Garelick (former director of DWAC which merged w/Trump Media) will be sentenced Nov 7
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AND
He changed his plea to #GUILTY
2 Brothers in #TrumpMedia #InsiderTrading Scheme Plead Guilty
Gerald & #MichaelShvartsman, who had originally pleaded not guilty to #securities #fraud charges, each pleaded guilty to one count of #SecuritiesFraud.
#Trump #criminal #law #NationalSecurity #Russia #PaxumBank #DWAC #MoneyLaundering #SEC #FDIC
https://www.nytimes.com/2024/04/03/business/trump-media-insider-trading-guilty.html?smid=nytcore-ios-share&referringSource=articleShare&sgrp=c-cb -
“[#MichaelShvartsman stated a friend of his owns a bank in the island of Dominica & would be able to provide #banking services to #Russia & #Ukraine Nationals if the [CI] had other clients in need of that service,” the DHS rpt said.
“[Shvartsman’s assoc] told the [CI] that he does not think the #SEC [could] go after [Shvartsman] for his part…but mentioned that [Shvartsman] essentially provided ‘#BridgeFinancing’ for the firm behind… #TruthSocial….”
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Last month, #federal prosecutors charged #MichaelShvartsman, a close assoc of #Postolnikov, w/ #MoneyLaundering in a #SupersedingIndictment after previously charging him & 2 others in Jul w/ #InsiderTrading #DWAC shares…
At least part of the #evidence against Shvartsman came from a CI for DHS, court filings show: in one March 2023 meeting w/the informant & an associate, Shvartsman mentioned a friend who owned a bank in Dominica & made bridge loans to #Trump Media. -
The current status of #ESFamilyTrust is also unknown. The trust’s address is listed as a residential home in Hollywood, #Florida. But, acc/to the property website Redfin, the 6-bedroom home appears to have been sold in Dec 2023.
The creation papers also contained something notable: a declaration that, if the original trustee –a #PaxumBank employee named Angel Pacheco– stepped down from the role, his successor would be… #MichaelShvartsman.
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One investor, the MiamiBeach businessman #AntonPostolnikov, had amassed a huge stake in #DWAC. Postolnikov, …born in #Russia &…nephew of a longtime #RussianGovernment ofcl, sold most of his stake just days after #Trump’s announcement sent the stock soaring, acc/to a #FBI …search warrant…. His profit: $22M.
Another, an Ukraine-born nightclub mgr turned private #equity investor named #MichaelShvartsman, told his business ptrs & a neighbor about the…opportunity…— before securing $18M …for himself.