US SEC Sues Digital World Ex-CEO Patrick Orlando For Alleged Securities Fraud
The U.S. Securities and Exchange Commission sued Patrick Orlando, the former CEO of Digital World Acquisition Corp. (DWAC) that merged with Trump Media (DJT), accusing him of securities fraud.In a f...
The U.S. Securities and Exchange Commission sued Patrick Orlando, the former CEO of Digital World Acquisition Corp. (DWAC) that merged with Trump Media (DJT), accusing him of securities fraud.
In a filing with the court of the District of Columbia, the SEC stated that the chief lied in public filings by claiming that his company has no plans for a merger while he “personally engaged in numerous lengthy discussions” with representatives of Trump Media & Technology Group.
“Orlando knew these statements were false,” the SEC’s complaint stated.
Further, the court filing stated that Orlando’s company raised $287.5 million in its IPO in September 2021, and in October the company announced a merger agreement with Trump Media, which owns the social media platform Truth Social, as per USA Today.
The Digital World Acquisition Corp. completed its merger with Trump Media & Technology Group in March.
The SEC has urged the court to charge Orlando with civil penalties and permanent injunction, and to ask him to return his “ill-gotten gains”.
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