{"id":6311,"date":"2024-07-18T15:41:39","date_gmt":"2024-07-18T15:41:39","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/07\/18\/ex-ceo-of-firm-that-merged-with-trump-media-accused-of-fraud\/"},"modified":"2024-07-18T15:41:39","modified_gmt":"2024-07-18T15:41:39","slug":"ex-ceo-of-firm-that-merged-with-trump-media-accused-of-fraud","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/07\/18\/ex-ceo-of-firm-that-merged-with-trump-media-accused-of-fraud\/","title":{"rendered":"Ex-CEO of firm that merged with Trump Media accused of fraud"},"content":{"rendered":"<p class=\"\">The Securities and Exchange Commission sued the former CEO of the blank-check company that merged with\u00a0Trump Media, accusing him of lying about his firm\u2019s plans to combine with\u00a0Donald Trump\u2019s social media startup.<\/p>\n<p class=\"\">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\u00a0said in the lawsuit\u00a0filed Wednesday night in Washington, D.C., federal court.<\/p>\n<div><\/div>\n<p class=\"\">\u201cOrlando knew these statements were false,\u201d the SEC\u2019s civil complaint alleged.<\/p>\n<p class=\"\">\u201cHe had personally engaged in numerous lengthy discussions\u201d with Trump Media\u2019s representatives, and he had targeted the company \u201cfor months,\u201d the SEC alleged.<\/p>\n<p class=\"\">The SEC asked the court to force Orlando to give up \u201call ill-gotten gains\u201d as a result of his alleged violations, along with civil penalties and a permanent injunction barring his from engaging in that conduct.<\/p>\n<p class=\"\">Orlando and Trump Media did not immediately respond to CNBC\u2019s requests for comment.<\/p>\n<p class=\"\">Trump Media and Digital World completed their lengthy public merger in March, allowing the company behind the Truth Social platform to trade on the Nasdaq under the stock ticker DJT.<\/p>\n<\/p>\n<div>This post appeared first on NBC NEWS<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Securities and Exchange Commission sued the former CEO of the blank-check company that merged with\u00a0Trump Media, accusing him of lying about his firm\u2019s plans to combine with\u00a0Donald Trump\u2019s social media startup. Patrick Orlando allegedly lied in public filings when he said his company, Digital World Acquisition Corp., had not contacted any possible merger targets [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":6312,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/6311","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=6311"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/6311\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/6312"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=6311"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=6311"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=6311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}