FILE - Pedestrians walk past the Nasdaq building as the stock price of Trump Media & Technology Group Corp. is displayed on screens, March 26, 2024, in New York. A Delaware judge on Tuesday, April 30, granted a request by attorneys for Donald Trump and Trump Media & Technology Group, parent company of his Truth Social platform, to slow down a lawsuit filed by two cofounders of the company.
Several weeks ago, Garelick's co-defendants — Michael Shvartsman of Sunny Isles Beach, Florida, and his brother, Gerald Shvartsman of Aventura, Florida — pleaded guilty to insider trading charges, admitting that they made over $22 million illegally. They are scheduled to be sentenced on July 17. When the deal was announced, the defendants sold their securities for $22 million in profits, though Bach noted that his client was only accused of making $49,000 from trades. He asked the jury if it made sense that Garelick would risk a reputation built over decades in the securities business for that amount of money.
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