'Terminated' CEO sued by Trump's Truth Social company now hit with securities fraud case

The “terminated” CEO and board chairman of Digital World Acquisition Corp. (DWAC), a so-called “blank check” special purpose acquisition company (SPAC) that went on to complete a merger with Trump Media & Technology Group (TMTG), taking Donald Trump’s Truth Social company public, was hit with a securities fraud case on Wednesday. The Securities and Exchange Commission (SEC) alleges that Patrick Orlando “engaged in deceptive conduct” in several ways, misleading investors with what he did and did not say months before DWAC’s initial public offering (IPO) and years before the merger...