Reported 3 months ago
The U.S. Securities and Exchange Commission has filed a lawsuit against Patrick Orlando, the former CEO of Digital World Acquisition Corp, for securities fraud. The SEC alleges that Orlando issued false and misleading statements, failing to disclose plans for acquiring Trump Media & Technology Group before DWAC's IPO. This follows a completed merger in March that connected DWAC with the social media platform Truth Social, owned by Trump. Last year, DWAC settled previous regulatory charges for 'material misrepresentations' and agreed to an $18 million penalty.
Source: YAHOO