Ex-CEO Of Truth Social Parent Hit With Fraud Charge

Law & Crime reports:

The “terminated” CEO and board chairman of Digital World Acquisition Corp. (DWAC), a so-called “blank check” special purpose acquisition company (SPAC) that went on to complete a merger with Trump Media & Technology Group (TMTG), taking Donald Trump’s Truth Social company public, was hit with a securities fraud case on Wednesday.

The Securities and Exchange Commission (SEC) alleges that Patrick Orlando “engaged in deceptive conduct” in several ways, misleading investors with what he did and did not say months before DWAC’s initial public offering (IPO) and years before the merger was completed in March 2024.

Back in March, Trump sued Orlando alongside former contestants of “The Apprentice” Wesley Moss and Andrew Litinsky. Trump accused the latter two men of subjecting Truth Social to ridicule of a “hostile press” and damaging the company.

Read the full article.

‘Just need to keep the black swan out of the picture’: Ousted CEO sued by Trump’s Truth Social company now hit with securities fraud case https://t.co/dWUB4LhnbW

— Law & Crime (@lawcrimenews) July 18, 2024