Donald Trump’s foray into social media, Truth Social, has turned into a focal point of a federal investigation, as the FBI, SEC, and an elite anti-money laundering team escalate their scrutiny. The examination, outlined in a recent federal filing, casts doubts on the funding sources for Trump’s media venture, and a comprehensive investigation by the Washington Post has unveiled concerning details.
As of Saturday, February 3, 2024, the federal probe, originally centered on Truth Social’s financing, has expanded to include various government agencies, according to Raw Story.
The ongoing investigation involves key federal agencies, including the FBI, SEC, and a specialized anti-money laundering unit within the Department of Homeland Security.
While no direct accusations of misconduct have been made against the former president or his media platform, the inquiry raises concerns about potential financial irregularities surrounding the entire project.
Drew Harwell’s thorough investigation for The Washington Post sheds light on a central figure in the probe—Patrick Orlando, the CEO of Digital World.
Orlando’s special purpose acquisition company (SPAC) played a pivotal role in securing funds for Truth Social when traditional bank financing was challenging.
The investigation is exploring allegations of financial fraud that may have impacted the inception of the Trump-supported media venture.
A significant aspect of the inquiry revolves around Orlando’s interactions with investors, particularly his private discussions with Donald Trump regarding the business arrangement.
According to The Washington Post, Orlando is accused of violating federal securities law by privately sharing details of his discussions with Trump with investors over an extended period.
The SEC is closely scrutinizing this breach of protocol, adding complexity to the unfolding investigation.
In a surprising twist among the scrutinized investors, Anton Postolnikov, a Miami Beach businessman and nephew of a Russian government official, reportedly sold a substantial stake in Digital World shortly after Trump’s Truth Social announcement, earning $22 million in profits. The FBI’s search warrant affidavit raises questions about the timing and potential insider knowledge of this transaction.
Another investor, Michael Shvartsman, a Ukraine-born nightclub manager turned private equity investor, allegedly shared information about the lucrative investment opportunity with business partners and a neighbor before securing $18 million in profits. This revelation adds an intriguing layer to the investigation, suggesting a network of individuals who may have capitalized on early knowledge of Trump’s involvement.
As the federal investigation progresses, the complex financial details of Truth Social come under close examination.
The broadening inquiry, which includes prominent agencies and a specialized anti-money laundering team, highlights the gravity of the accusations surrounding the project.
The future of Truth Social remains uncertain as investigators delve deeper into the intricate financial landscape surrounding Trump’s venture into the competitive realm of social media.
