A Russian-American businessman based in Miami has been accused of making almost $23 million from alleged insider trading involving the media company of former President Donald Trump.

According to The Miami Herald, the insider trading probe on the merger of Miami-based company Digital World Acquisition Corporation and Trump Media & Technology Group unveiled the massive amount of money allegedly pocketed by businessman Anton Postolnikov.

Postolnikov, who owns a Caribbean bank servicing the porn industry, also loaned $8 million to Trump Media, which is the parent company of social media platform Truth Social, according to some news reports.

Postolnikov is reportedly the nephew of a former top Russian official who was once a staffer for Russia's President Vladimir Putin.

Insider Trading Tied to Donald Trump Media Company, Russian Investor Is Being Investigated

The allegations of insider trading surfaced in court documents filed last month in New York's federal court as part of a securities fraud case charging three South Florida men: Bruce Garelick, 54, of Fort Lauderdale; Michael Shvartsman, 52, of Sunny Isles Beach; and Gerald Shvartsman, 46, of Aventura.

The trio, who allegedly made around $23 million from insider trades on the Trump Media merger with Digital World, reportedly shared non-public information with business associates and friends about the impending deal to make a profit.

Postolnikov has not been charged with any wrongdoing so far. However, federal agents were probing his connection with the three defendants and closely looking at his trades before and after the October 2021 merger between Digital World and Trump Media.

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Donald Trump Not a Suspect in the Case

Donald Trump, who is the chairman of Trump Media and the leading Republican presidential candidate, has also not been accused of any wrongdoing in the case. 

Citing an April 2023 financial disclosure, The Miami Herald reported that the former president confirmed he owns 90% of the company and estimated its worth to be between $5 million and $25 million.

The supposed Trump Media-Digital World merger still awaits approval from the US Securities and Exchange Commission more than two years after it was first announced.

Last year, Digital World admitted that the company had fraudulently misled investors regarding its plans to merge with Trump Media, and it agreed to pay $18 million once the merger pushes through.

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