Former CEO of Trump Media SPAC Sued by SEC for Fraud

Patrick Orlando accused of misleading investors about merger plans with Trump Media before IPO

The SEC alleges Patrick Orlando lied about Digital World Acquisition Corp.'s intentions to merge with Trump Media.
Orlando is accused of engaging in extensive discussions with Trump Media representatives while denying any merger plans.
The SEC seeks to reclaim ill-gotten gains and impose a permanent injunction against Orlando.
Digital World merged with Trump Media in March, taking the company public on the Nasdaq.
In a previous settlement, Digital World paid an $18 million penalty for misleading investors.