SEC sues Trump Media SPAC ex-CEO Patrick Orlando for alleged fraud

SEC sues Trump Media SPAC ex-CEO Patrick Orlando for alleged fraud


The US Securities and Exchange Commission (SEC) headquarters in Washington, DC, US, on Wednesday, Jan. 10, 2024.

Graeme Sloane | Bloomberg | Getty Images

The U.S. Securities and Exchange Commission sued the former CEO of the blank-check company that merged with Trump Media, accusing him of lying about his firm’s plans to combine with Donald Trump’s 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 and had no specific merger plans, the commission said in the lawsuit filed Wednesday night in Washington, D.C., federal court.

“Orlando knew these statements were false,” the SEC’s civil complaint alleged.

“He had personally engaged in numerous lengthy discussions” with Trump Media’s representatives, and he had targeted the company “for months,” the SEC alleged.

The SEC asked the court to force Orlando to give up “all ill-gotten gains” as a result of his alleged violations, along with civil penalties and a permanent injunction barring his from engaging in that conduct.

Orlando and Trump Media did not immediately respond to CNBC’s requests for comment.

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.

Read more CNBC politics coverage



Source

Trump calls for a deal on the Gaza war as signs of progress emerge
Politics

Trump calls for a deal on the Gaza war as signs of progress emerge

A general view of destruction in North Gaza, as seen from the Israeli side of the Israel-Gaza border, on May 17, 2025. Amir Cohen | Reuters TEL AVIV, Israel (AP) — U.S. President Donald Trump on Sunday pleaded for progress in ceasefire talks in the war in Gaza, calling for a deal that would halt the fighting […]

Read More
Trump’s ‘big, beautiful bill’ clears key Senate hurdle after high drama
Politics

Trump’s ‘big, beautiful bill’ clears key Senate hurdle after high drama

U.S. Senate Majority Leader John Thune (R-SD) speaks at a press conference following the U.S. Senate Republicans’ weekly policy luncheon on Capitol Hill in Washington, D.C., U.S., June 10, 2025. Kent Nishimura | Reuters President Donald Trump’s “big, beautiful bill” cleared a key procedural hurdle in the U.S. Senate late Saturday night, pushing the massive […]

Read More
Elon Musk rips into ‘utterly insane’ Trump-backed megabill
Politics

Elon Musk rips into ‘utterly insane’ Trump-backed megabill

Elon Musk speaks during a press event with U.S. President Donald Trump (not pictured), at the White House in Washington, D.C., U.S., May 30, 2025. Nathan Howard | Reuters Elon Musk ripped into the Senate’s massive domestic policy package on Saturday, calling it “utterly insane” and destructive.” His remarks come weeks after he first hurled […]

Read More