“US SEC sues Digital World's former CEO alleging securities fraud”
"July 17 (Reuters) - The U.S. Securities and Exchange Commission on Wednesday sued Patrick Orlando, ex-chief of Digital World Acquisition Corp that helped former U.S. President Donald Trump's social media company go public, for securities fraud.
In a filing with the court of District of Columbia, the SEC said Orlando broke rules concerning securities by issuing false and misleading statements while he led the blank-check firm.
Orlando misled investors by failing to disclose that his company had formulated a plan to acquire Trump Media & Technology Group Corp and was pursuing the acquisition before DWAC's initial public offering, according to the filing.
In March, Digital World completed its merger with Trump Media & Technology Group (DJT.O), that owns social media platform Truth Social, which is backed by Trump.
In July last year, DWAC had settled regulatory charges of "material misrepresentations" to investors."
https://www.reuters.com/technology/...mer-ceo-alleging-securities-fraud-2024-07-17/
“US SEC sues Digital World's former CEO alleging securities...
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