Two plead guilty to insider trading related to Trump Media merger

FILE PHOTO: Gerald Shvartsman walks following a hearing at the Manhattan Federal Court, in New York City, U.S. July 20, 2023. REUTERS/Amr Alfiky/File Photo

NEW YORK (Reuters) -Two men pleaded guilty on Wednesday to insider trading in securities in the company that ultimately took former U.S. President Donald Trump's media business public.

Michael Shvartsman, 53, head of Miami-based venture capital firm Rocket One Capital, and his brother Gerald Shvartsman, 46, each pleaded guilty to one count of securities fraud before U.S. District Judge Lewis Liman in Manhattan.