SPAC executive who publicizes Trump’s media company sues for ‘brazen fraud’, report says

  • An executive with Digital World Acquisition Corp. file a complaint for fraud.
  • Brian Shevland claims he was kicked out of the deal and scrubbed from documents.
  • DWAC is under investigation by the SEC and FINRA regarding its agreement to take Trump Media public.

An executive at Digital World Acquisition Corp., who says he was in the running for a board seat and was integral to the deal to bring donald trump‘s public media, is suing the firm with blank checks for fraud.

According to the New York Times, Brian Shevland is suing the CEO of DWAC Patrick Orlando for what he says is “brazen fraud”. Shevland claims he was left out of the deal when his name was erased from regulatory documents that should have shown he was a candidate for a seat on the board of directors of the blank check company.

He also says that he is owed 7,500 shares of the after-sales service and he was prevented from buying more at a discount. Additionally, he claims Orlando reneged on its commitment to cut him in other SPAC deals.

Lawyers for Shevland and Orlando did not provide further comment to The New York Times.

Shevland, who runs an investment firm called Bluestone Capital Management, says he was a key dealmaker in talks to take the former president’s media company public. The merger between DWAC and Trump Media and Technology Group was announced in October, with the news sending shares of the blank check company skyrocketing.

Earlier this month, the SPAC revealed that the United States Securities and Exchange Commission was investigating communications between its executives and Trump’s media company. The Financial Industry Regulatory Authority is also investigating the company due to a spike in business activity prior to the announcement of the merger.

Shares of Digital World Acquisition Corp. were trading at $51.33 before the opening bell on Friday, down about 2.6%.

Cathy W. Howerton