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7/23, 8:08 PM (Source: TeleTrader)
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Trump's friend Barrack released on bail

Former chairman of Donald Trump's 2017 inaugural fund, Thomas Barrack (pictured), was released on bail on Friday after reaching a deal with federal prosecutors.

Meanwhile, Falcon Acquisition, a special purpose acquisition company (SPAC) backed by Barrack, decided to scrap its initial public offering (IPO) plans.

Barrack was arrested on Tuesday and charged with illegal lobbying Trump, who is his longtime friend, on behalf of the United Arab Emirates.

Breaking the News / NP