AP: Two Men Associated With Trump Media Firm Plead Guilty To Insider Trading

Two Florida brothers, Michael and Gerald Shvartsman, pleaded guilty to insider trading charges, admitting to illegally making over $22 million before the public announcement in 2021 that an acquisition firm was taking former President Donald Trump’s media company public.

They acknowledged knowing they were committing a crime when making trades in October 2021 through a New York broker. The indictment did not implicate Trump or his media company. The brothers invested in Digital World Acquisition Corp. after being tipped off about Trump Media being a potential target. They sold their securities for $22 million in profits once the news was public.

The men shared their insider information with friends and employees profiting from the trades. Michael and Gerald Shvartsman are awaiting sentencing and facing federal guidelines recommending four years and three years in prison, respectively, along with significant forfeitures. U.S. Attorney Damian Williams emphasized that insider trading is cheating and that convictions remind us of the consequences of corrupting the stock market’s integrity.

Read the full article at The Associated Press.

GOP Raises $66 Million For Trump In March

Fundraising Drive Appears To Allay GOP Financial Concerns

Donald Trump’s team officials reported that the GOP raised $65.6 million in

March, aiming to address concerns about Joe Biden’s fundraising lead. The Trump campaign and the Republican National Committee (RNC) announced they had $93.1 million on hand at March’s end, trailing Biden’s fundraising pace. Newly appointed RNC Chair Michael Whatley highlighted Trump’s successful fundraising efforts.

The Biden campaign and the Democratic National Committee reported having $155 million after raising $53 million in February, without providing March’s figures, including a significant New York fundraiser. Biden has consistently out-fundraised Trump, partly due to Trump’s legal financial needs. Continue reading “GOP Raises $66 Million For Trump In March”

AP: Federal Prosecutors Issue Stinging Rebuke Against Judge Cannon

Frustrated Prosecutors Urge Judge to Clarify Stance

Federal prosecutors have contested the approach of Judge Aileen Cannon in

Former President Donald Trump’s Florida classified documents case specifically opposes potential jury instructions that they see as being based on a misinterpretation of the law. Cannon’s request for jury instructions under scenarios implying Trump could legally retain sensitive documents under the Presidential Records Act has sparked concern. Prosecutors argue the Act, distinguishing between personal and presidential records, is irrelevant in a case involving classified documents, which they assert cannot be considered personal. They stress that no evidence supports Trump’s claim of personal designation for these documents, countering the defense’s narrative.

The prosecutors’ frustration is evident as they await decisions on motions to dismiss and other disputes. The trial date is still unclear, raising concerns the case may linger past the upcoming presidential election. They urge Cannon to clarify her stance on referencing the Presidential Records Act in jury instructions and allow for an appeal if necessary. Meanwhile, Trump faces numerous felony charges for mishandling classified documents in one of four criminal cases against him, as he maintains his innocence.

Read the full article at The Associated Press.

BREAKING: Trump Org Ordered To Pay Over $350 Million In Civil Fraud Case

Trump Barred From Doing Business In New York For Three Years

A New York judge ordered Donald Trump, his companies, his sons, and his former CFO to pay $364 million

Trump Tower, New York. Photo courtesy William Warby from London, England

for engaging in a scheme that inflated Trump’s wealth in financial statements to banks and others. This decision came after a 2½-month trial where Trump was also barred from serving as an officer or director of any New York corporation for three years. The penalty, viewed as a victory for New York Attorney General Letitia James, was for civil fraud, not a criminal offense, thus not involving prison time.

The court found that Trump and his defendants presented financial statements that grossly overstated his assets, including claims about the size of his Trump Tower penthouse and the value of his Mar-a-Lago estate. Trump defended himself by stating that the banks involved conducted their own due diligence and were satisfied with the transactions, asserting that there were no victims in this case.

Trump’s legal team has announced plans to appeal the verdict, criticizing it as unjust and politically motivated. The lawsuit against Trump and his associates was initiated by Attorney General James in 2022 under a state law targeting persistent business fraud. The judge’s decision not only imposes a substantial financial penalty on Trump and his co-defendants but also limits Trump’s business activities in New York.

This case is one of several legal challenges facing Trump, including multiple indictments related to election interference, mishandling classified documents, and other issues. Despite these legal battles, Trump’s bid for the Republican presidential nomination appears unaffected. The penalty and the associated findings underscore ongoing scrutiny of Trump’s business practices and financial representations.

Read the full story on Associated Press here.

WaPo: S&P 500 Tops 5000

Record Breaking Closing Is An Historic First

The S&P 500 stock index surpassed the 5,000 milestone for the first time, Standard & Poor Tops 5000 for the first time ever closing at 5,026.61, reflecting a less than 1% increase for the day and over 5% in the first five weeks of the year. This growth is attributed to positive economic indicators, suggesting the Federal Reserve’s success in controlling inflation without harming the economy, boosting investor confidence in potential interest rate cuts. With companies like Microsoft and Nvidia, the technology sector has seen significant valuation increases, contributing to the index’s rise. This surge benefits millions of Americans with retirement investments linked to the S&P 500, which had about $11.4 trillion in passive investments in 2022.

Economic optimism is fueled by declining inflation, steady job creation, consumer spending, and GDP growth, countering recession fears. The tech sector’s recovery, particularly the “Magnificent 7” companies, has been a major rally driver, with notable gains in stocks like Meta and Nvidia, driven by AI speculation. However, Tesla’s stock has declined, showing potential vulnerabilities in the rally. The market’s rise has largely been driven by passive investors amid low trading volatility, suggesting a possible complacency among investors. Analysts warn that while the market’s momentum is strong, it could be susceptible to a pullback if economic growth shows signs of slowing, especially with close monitoring of sectors like commercial real estate for potential shocks.

Read the full article here.

President Biden Responds To Special Counsel Report

President Stands Up For His Actions and Abilities

President Joe Biden delivered a deeply emotional and occasionally

President Biden gives remarks and answers questions from the press regarding the Special Counsel’s report regarding his mishandling of classified documents

confrontational speech on Thursday night, reacting to a special counsel’s report that scrutinized his memory but concluded no charges should be brought against him for mishandling classified documents. Addressing the nation from the White House, The President vehemently defended his cognitive capabilities amidst the report’s insinuations about his mental agility.

The report’s mention of President Biden’s memory led to significant public and private frustration, with the president rebutting the notion of forgetfulness, especially regarding the tragic loss of his son. In a hastily arranged address, he emphasized the report’s conclusion of no charges against him. He drew distinctions between his situation and former President Donald Trump’s legal challenges over classified documents.

Throughout his speech, Biden defended his record and capabilities as president, challenging doubts about his fitness for office or accomplishments. He stressed his qualifications for the presidency and expressed his determination to continue his work. The speech underscored Biden’s resilience in the face of criticism and his readiness to confront questions about his age and mental acuity as he eyes reelection, positioning himself as uniquely capable of leading the nation.

AP: Biden Mishandled Classified Docs But No Charges Will Be Filed

President cooperated with authorities and voluntarily returned classified items.

The Department of Justice released a report authored by Special Counsel US Department of Justice Robert Hur, which provides a detailed examination of President Joe Biden’s mishandling of classified documents but concludes that no criminal charges are warranted against him or anyone else involved. Despite finding evidence that Biden “willfully retained and disclosed classified materials” after his vice presidency while he was a private citizen, the report identifies reasons for not pursuing charges, including the assessment that many documents were retained by mistake. Continue reading “AP: Biden Mishandled Classified Docs But No Charges Will Be Filed”

AP: FCC Outlaws AI-Generated Robocalls

Fines up to $23K per call may be levied.

The Federal Communications Commission (FCC) has banned robocalls FCC Seal using AI-generated voices under the Telephone Consumer Protection Act to prevent scams and voter misinformation. This decision allows the FCC to fine or block providers of such calls, and enables individuals and state attorneys general to take legal action against violators.

The ban comes in response to incidents like AI-generated robocalls mimicking President Joe Biden to dissuade voters in New Hampshire’s primary. The ruling imposes strict penalties for misuse, with fines up to $23,000 per call. Experts note the challenge of combating AI misuse in politics and beyond, stressing the need for vigilance and regulatory measures to combat digital disinformation.

Congressional efforts to regulate AI in politics continue, underscoring the importance of addressing AI-generated content’s potential to deceive.

Read the full article here.

Mojo Nixon Dead at 66

Outspoken Performer On Cruise Tour When He Died

Neill Kirby McMillan Jr., better known by his stage name Mojo Nixon, was found dead today onboard the annual Outlaw Country Cruise. This event features many country and country-related alternative acts. According to family members, he died as a result of a cardiac event.

McMillan was born on August 2, 1957, in Chapel Hill, North Carolina, but grew up in Danville, Virginia. As Mojo Nixon, he became an iconic figure in the American music scene, celebrated for his distinctive blend of psychobilly—a fusion of punk, country, and rockabilly—and his satirical, politically infused lyrics. Nixon’s work is marked by a unique mix of humor and critique, wrapped in energetic and often provocative performances. Continue reading “Mojo Nixon Dead at 66”

AP: Senate Republicans Block Border Deal

Border deal included aid for Israel and Ukraine

Senate Republicans recently blocked a bipartisan border security and

immigration reform package, ending negotiations aimed at addressing the surge in illegal border crossings. The legislation, including $60 billion in aid for Ukraine and $14 billion for Israel, failed to advance with a 49-50 vote, missing the 60 votes needed. This decision followed Republican claims that the compromise did not adequately address border issues despite pairing with international aid, a condition they had demanded.

Senate Majority Leader Chuck Schumer announced plans to pursue the international aid separately, indicating the challenges of reaching a consensus on border security. The bill’s failure reflects deep divisions within Congress on managing border security and immigration alongside foreign aid commitments. Critics, including some Republicans and Independent Senator Kyrsten Sinema, blamed the blockade on partisan politics, seeing it as a missed opportunity to address longstanding issues.

The outcome highlights the difficulty of legislating on complex issues like border security and immigration reform in a divided government. The standoff affected U.S. foreign policy and border management efforts.

Read the full article here.