The Trump Media & Technology Group Corp. is part of the Trump Media & Technology Group.
The executive is a shareholder in Digital World Acquisition Corp.
Brian Shevland claims that he was removed from the documents.
DWAC is the subject of inquiries by the SEC and FINRA over its deal to take Trump Media public.
An executive with Digital World Acquisition Corp., who was in the running for a board seat and was an important part of the deal to bring Donald Trump's media firm public, is suing the blank-check firm for fraud.
According to the New York Times, Brian Shevland is suing DWAC CEO Patrick Orlando for "brazen fraud." Shevland claims that he was frozen out of the deal when his name was removed from regulatory documents that should have shown he was a nominee for a seat on the board.
He was prevented from buying more shares at a discount because he was owed 7,500 shares of the SPAC. He is saying that he was cut into other SPAC deals by the man.
Lawyers for Shevland and Orlando did not give any further comment.
Shevland, who runs an investment firm called Bluestone Capital Management, claims he was a key dealmaker in the negotiations to bring the former president's media company public. The merger between DWAC and Trump Media and Technology Group was announced in October and sent shares of the blank-check firm soaring.
The US Securities and Exchange Commission is investigating communications between executives from the SPAC and Trump's media firm. The firm is being investigated by the Financial Industry Regulatory Authority over a spike in trading activity.
Digital World Acquisition Corp.'s shares were down about 2.5% before the opening bell on Friday.
Business Insider has an original article.
