SEC Sues Ex-CEO of Company That Took Trump Media Public

Published on July 18, 2024

The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the former CEO of a blank-check company that merged with Trump Media, accusing him of making false statements about the company’s plans to merge with the former president’s social media company. In a civil complaint filed Wednesday evening with the U.S. District Court for the District of Columbia, the agency claimed former Digital World Acquisition Corp. CEO Patrick Orlando broke rules concerning securities by issuing false and misleading statements while he led the company. Mr. Orlando allegedly misled investors by failing to disclose that his company had formulated a plan to acquire Trump Media & Technology Group Corp. and was pursuing the acquisition before Digital World’s initial public offering, according to the SEC filing....

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