‘Just need to keep the black swan out of the picture’: Ousted CEO sued by Trump’s Truth Social company now hit with securities fraud case

Patrick Orlando faces SEC complaint

Truth Social Donald trump home page is being displayed on a smartphone with the USA flag visible in the background in this photo illustration. (Jonathan Raa / Sipa USA via AP Images); Patrick Orlando (right inset) pictured in 2011 leaving a court in New York after his sister Sylvie Cachay was murdered in a hotel by Nicholas Brooks. (AP Photo/Mary Altaffer)

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 was completed in March 2024.

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