Russian Investor Made Millions off Insider Trading Tied to Trump Media, Court Docs Say

A Russian-American businessman based in Miami is suspected of making nearly $23 million from alleged insider trading involving former President Donald Trump's media company, according to federal court records, the Miami Herald reported.

The businessman, Anton Postolnikov, is the owner of a Caribbean bank that caters to the porn industry and also reportedly loaned $8 million to Trump's media company. Postolnikov, who owns a few residences on exclusive Fisher Island in Miami, is the nephew of a former high-ranking Russian government official who at time was a staffer for Russian President Vladimir Putin, according to media reports.

The insider trading allegations surfaced in court documents filed last month in a New York securities fraud case brought last year against three South Florida men: Michael Shvartsman, 52, of Sunny Isles Beach; Gerald Shvartsman, 46, of Aventura; and Bruce Garelick, 54, of Fort Lauderdale. They are accused of making about $23 million from insider trades on the Trump Media merger with Digital World Acquisition, and sharing non-public information with friends and business associates about the impending deal so they could profit, according to an indictment.

Trump Media for nearly 2 1/2 years has been trying to go public via a merger with Digital World.

The SPAC has also faced federal scrutiny. Digital World agreed last summer to pay a civil fine of $18 million for alleged merger talks with Trump Media and Technology Group prior to Digital World's . Such discussions are illegal. Trump Media is not connected to the SPAC's civil penalty, which would be waived if the merger fails to occur.

Source: Russian Investor Made Millions off Insider Trading Tied to Trump Media, Court Docs Say