Trump Media deal faces calls for investigation into alleged influence peddling | Donald Trump

Democratic groups stepped up calls Thursday for Congress to investigate Donald Trump's social media company, Trump Media, after a report that it relied in part on emergency loans in 2022 dated back to a Russian-American under federal criminal investigation for making his stock market debut.

The move increased political scrutiny of the merger between Trump Media Technology Group and blank check company Digital World Acquisition, which could net Trump about $4 billion, as federal prosecutors won guilty pleas from two investors who engaged in insider trading on the deal.

In a three-page letter released Thursday, the Democratic group Congressional Integrity Project urged Republican House Speaker James Comer to launch a parallel congressional investigation into the Trump Media merger and hold hearings on the nature of the loans .

We ask that you investigate possible influence peddling and corruption involving a former president and current presidential candidate, wrote Kyle Herrig, executive director of the Congressional Integrity Projects.

The request came a day after the Guardian reported that Trump Media was kept afloat in 2022 thanks to loans provided in part by a Russian-American businessman named Anton Postolnikov, when a securities investigation delayed the initial merger date and put its cash reserves at risk.

This delay led Trump Media to seek interim financing, including from an entity called ES Family Trust, which operated through an account at Paxum Bank, a small bank registered on the Caribbean island of Dominica that is best known for providing financial services to the porn industry. .

Leaked documents obtained by the Guardian clearly showed that ES Family Trust operated as a front company for Postolnikov, who co-owned Paxum Bank and was the subject of a criminal investigation over the Trump Media merger.

The concern about the loans to Trump Media is that ES Family Trust may have been used to complete a transaction that Paxum itself was unable to complete, as it did not offer loans in the United States because it did not have a US banking license and is not regulated by the FDIC. .

The American people deserve to know the circumstances surrounding the ES Family Trusts loan to Trump, Herrig wrote. It is also imperative to determine whether any compensation was discussed.

There is no indication that Trump Media had any idea of ​​the nature of the loans beyond the fact that they were opaque, nor have the company or its executives been accused of wrongdoing. A lawyer for Trump Media called the story a hoax in a statement after it was published.

Still, the Trump Media merger has attracted attention because Trump's stake in the company represents a significant increase in his net worth.

Even if Trump sold only part of his position, he would likely gain a significant windfall that could be used to pay about $500 million in legal fees stemming from his various civil and criminal cases. That would ease the burden on his political action committees, which now pay the bills.

ignore previous newsletter promotion

Sign up for Trump on trial

Stay informed on all Donald Trump trials. Guardian staff will send weekly updates every Thursday as well as bonus editions on major trial days.

Privacy Notice: Newsletters may contain information about charities, online advertisements and content funded by third parties. For more information, see our Privacy Policy. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply.

after newsletter promotion

Additionally, Postolnikov's connection to the loans raised new questions about the involvement of Michael Shvartsman, who pleaded guilty with his brother to securities fraud weeks before his trial on charges of insider trading and money laundering as part of the Trump Media merger.

The Guardian reported that ES Family Trust's creation documents named Shvartsman as successor trustee. ES Family Trust stands to gain from the merger with Trump Media because the $8 million was loaned in the form of convertible notes, meaning it was converted into an equity stake in the company post-merger.

While the precise numbers can only be known by Trump Media, ES Family Trust's stake in Trump Media is now worth between $20 million and $40 million, even after the company's stock price fell after a poor reporting of results.

The full extent of his involvement in the trust is unclear, and getting to the bottom of it falls within your mandate as chairman of the House Oversight Committee, Herrig wrote of Shvartsman.

Democratic activists have been quick to attack Trump's trade deals as a counterweight to Republicans' impeachment inquiry into Joe Biden, which has unsuccessfully tried to tie the president to trade deals made by his son Hunter Biden, in an effort to demonstrate corruption or influence peddling.

Biden's impeachment investigation suffered a major setback in February after prosecutors accused an FBI informant of fabricating allegations Republicans used for their claims that Biden and his son were each seeking $5 million of dollars in bribes to a Ukrainian company.

Sources 1/ https://Google.com/ 2/ https://www.theguardian.com/us-news/2024/apr/04/trump-media-stock-russia-links The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos