SEC Sues CEO Of Company That Merged With Trump Media
The SEC sued the former CEO of the blank-check company that merged with Trump Media, accusing him of lying about his firm’s plans to combine with Trump Social. Via CNBC:
Patrick Orlando allegedly lied in public filings when he said his company, Digital World Acquisition Corp., had not contacted any possible merger targets and had no specific merger plans, the commission said in the lawsuit filed Wednesday night in Washington, D.C., federal court.
“Orlando knew these statements were false,” the SEC’s civil complaint alleged.
“He had personally engaged in numerous lengthy discussions” with Trump Media’s representatives, and he had targeted the company “for months,” the SEC alleged.
The SEC asked the court to force Orlando to give up “all ill-gotten gains” as a result of his alleged violations, along with civil penalties and a permanent injunction barring his from engaging in that conduct.
Everything Trump touches dies, as someone once said.