Donald Trump's social media company, Trump Media, which owns Truth Social, may have been caught in alleged 'influence peddling' over a loan provided by a Russian-American businessman with ties to Vladimir Putin. This deal ultimately saved the company from going bankrupt in 2022.

That Russian-American backer is currently under federal criminal investigation over the Trump Media deal, as the loan was not disclosed to federal authorities. This may have severe implications as Donald Trump has the majority share in the company, with him also being the presidential frontrunner for the Republican party.

On Thursday, the Democratic-aligned group Congressional Integrity Project sent a three-page letter to the Republican House oversight chair, James Comer, to launch a congressional investigation into the Trump Media merger. This investigation would also look into the loans provided by Russian-American businessman Anton Postolnikov, who has ties to Russian despot Vladimir Putin.

As The Guardian noted, Trump Media was in financial peril after a securities investigation delayed the original merger date between the company and Digital World Acquisition. The investigation depleted the company's finances but was ultimately saved by a loan provided by ES Family Trust, a shell company that Postolnikov used to give Trump Media the loan. It was operated through an account at Paxum Bank in Dominica. The bank is also owned by Postolnikov.

The Guardian found that leaked documents "made clear that ES Family Trust operated like a shell company for Postolnikov, who co-owns Paxum Bank and became a subject of the criminal investigation into the Trump Media merger."

Trump Media Investors Plead Guilty to Insider Trading

Meanwhile, things are still not looking good for the Truth Social parent company, Trump Media, as two of its top investors, Florida venture capitalist Michael Shvartsman and his brother Gerald Shvartsman, pleaded guilty to charges that they participated in an insider trading scheme linked to Trump Media going public.

READ MORE: Donald Trump's Trump Media Was Saved by Russian-American Who Is Under Criminal Investigation

Each of them pleaded guilty in New York to one count of securities fraud on Wednesday, according to CNN. They now face a maximum sentence of 20 years in prison after they admitted to illegally trading on nonpublic knowledge of a shell company's secret plan to buy Trump Media. This turned out to be the merger between the company and Digital World Acquisition, which later led to it going public.

IAC Chairman Says Trump Media Is a Scam

The hits just kept coming for Trump Media as Barry Diller, chairman of the internet service provider IAC, slammed the company and called its stocks a scam.

He added that the people buying its stocks are "dopes" and added that such a thought is ridiculous, pointing out during an interview with CNBC that "The company has no revenue."

"It's a scam, just like everything he's ever been involved in is some sort of con," he added, blasting Donald Trump, who has previously been found liable for fraud in various cases, including the New York fraud case and the Trump University case.

READ MORE: Donald Trump Tried Using Ruby Garcia Death To Attack Joe Biden; Her Family Slams Him and Denies They Spoke With Him

This article is owned by Latin Post.

Written by: Rick Martin

WATCH: Barry Diller on Truth Social: It's a scam - CNBC Television