SEC Resolving Suit Against SPAC CEO That Took Trump Media Public

The US Securities and Exchange Commission is resolving a civil fraud suit against the former chief executive of the blank-check firm that helped bring Donald Trump’s social media company public.

An “agreement in principle” has been reached between the regulator and Patrick Orlando, who was sued by the SEC in July 2024 for allegedly misleading investors about his firm’s merger plans, according to a joint court filing Wednesday seeking to put the case on hold.

The lawsuit was filed during the administration of former President Joe Biden. It was one of several legal fights that emerged from ...