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The charges were outlined in an indictment unsealed in Manhattan federal court that did not in any way implicate Mr Trump or his media company.
The arrests came after a lengthy investigation by federal prosecutors in New York City into trading in the securities of Digital World Acquisition Group, a so-called special purpose acquisition company.
Three investors in an entity connected to it were just arrested for insider trading.
Florida men arrested for alleged insider trading worth $22 million ahead of public announcement. Charges impact Trump's media company merger.
Three Florida men have been charged with making $22 million illegally by insider trading ahead of the public announcement that an acquisition firm was going to take ex-President Donald Trump's media company public