Statement Of U.S. Attorney Damian Williams On The Conviction Of Bruce Garelick

U.S. Attorney Damian Williams said: “Bruce Garelick was part of a sophisticated group of individuals invited to invest in Digital World Acquisition Corporation (DWAC), a special purpose acquisition company that had raised funds with the intention of later investing in a target company, Trump Media & Technology Group, not yet known to the public.  When he was given that opportunity, Garelick promised to keep the information about DWAC’s interest in acquiring Trump Media secret and not use it to trade in the stock market.  Garelick was also given a seat on DWAC’s board, which gave him direct access to additional non-public information regarding the acquisition.  As a unanimous jury has just found, Garelick blatantly violated the law by using the information that he obtained as an insider at DWAC to trade and tip others.  Garelick’s federal conviction is yet another stark reminder that insider trading is always a losing bet.”