01:33 PM EDT, 04/03/2024 (MT Newswires) -- Trump Media & Technology Group's ( DJT ) investors Gerald Shvartsman and Michael Shvartsman pleaded guilty to a single count of securities fraud, Bloomberg News reported Wednesday.

The men invested in blank-check Digital World Acquisition before its merger with the company and were charged by federal prosecutors for making more than $22 million by trading on confidential merger target information, according to the report.

Both investors initially denied any wrongdoing, the report said. Third defendant Bruce Garelick has pleaded not guilty to the allegations.

The company did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 49.77, Change: -1.83, Percent Change: -3.56