Federal prosecutors arrested three investors on Thursday on insider trading charges related to a deal to take former President Donald Trump's media business public.
According to the indictment, the three individuals together made more than $22 million in illegal profits by purchasing shares in Digital World Acquisition Corporation after secretly learning about the blank-check firm's plan to buy Trump Media & Technology Group.
The value of the securities they purchased went up sharply once the Trump deal was announced, prosecutors say. The defendants and individuals they tipped off then sold their securities for a significant profit, according to prosecutors.
The three men have surrendered to authorities and are expected to appear in federal court in Miami later Thursday, a law enforcement official said.
There is no allegation that Donald Trump had any involvement at all in the alleged insider trading.
This is a developing story. It will be updated.
