Eric Trump and Donald Trump Jr. joined the advisory board of Dominari Holdings, a small financial firm headquartered in Trump Tower ($750,000/year rent). Dominari shares surged as much as 83% on the announcement. The brothers also participated in a $13.5 million private placement funding round.
Dominari Holdings, through its wholly-owned subsidiary Dominari Securities (a FINRA-registered broker-dealer), subsequently served as adviser on reverse mergers that took two Trump family-backed drone companies — Xtend and Powerus — public on Nasdaq, bypassing traditional IPO transparency requirements. This created a self-dealing loop: the Trump sons' investment bank handled the Trump sons' portfolio companies' public listings.
Ownership Concentration
Five Trump Organization executives collectively own over 21% of Dominari Holdings common stock (per April 2025 SEC filings):
Combined Trump Jr. and Eric Trump holdings: approximately 2.9 million shares worth $13.4 million.
Fraud Network Connections
Multiple Dominari and Unusual Machines investors have been linked to Barry Honig, who was charged by the SEC in 2018 for leading a $27 million pump-and-dump scheme (2013-2018). There is no indication of illegal activity by Dominari itself, but the overlapping investor network raises questions about due diligence and the provenance of capital flowing into Trump family defense ventures.
Congressional Investigation
The House Select Committee on China launched an investigation into Dominari Securities over suspected manipulation schemes involving Chinese companies listed on U.S. exchanges. The investigation, along with probes into D. Boral Capital and Revere Securities, examines whether these brokerages facilitated listings that drained approximately $16 billion from U.S. investors.
Structural Significance
Dominari Securities represents the financial infrastructure layer of the Trump family's defense portfolio — the broker-dealer through which self-dealing transactions are structured, listings are managed, and capital flows are organized. Combined with the Trump sons' positions across Unusual Machines, Xtend, Powerus, Vulcan Elements (via 1789 Capital), and Anduril (via 1789 Capital), Dominari creates a closed financial ecosystem where the same family controls the investments, the investment bank, and (through their father) the military purchasing the products.