Uncovering the Trump family's brokers on Wall Street: Dominari and Kyle Woo

Source: Bloomberg; Translated by Golden Finance

One of the latest tenants of Trump Tower in New York City is a startup investment bank named Dominari Holdings Inc. It is just two floors above the Trump Organization headquarters—Dominari President Kyle Wool believes this proximity is something to be proud of.

Wool has been cultivating relationships with the Trump family for years, and since last year's election, he has become a financial broker for the president's two eldest sons and a group of senior employees from the Trump Organization. Together, they have reached a series of lucrative deals.

Dominari Bank is located on the 22nd and 23rd floors, and this glamorous space was once the home of the Tommy Hilfiger family office. On a July afternoon, a television tuned to Fox Business Network faces a row of Lucite trophies, which were established to commemorate the successful financing of the company’s clients. Few of these clients are household names. The bank specializes in financing micro-cap companies, which, despite their small size, are publicly traded and often experience volatile stock prices driven by both speculation and earnings expectations. This also explains why Wool's collaboration with the Trump family has been so fruitful.

The name Trump often triggers the kind of sensational effect that stock promoters dream of. Take Unusual Machines Inc., a loss-making drone company in Orlando, as an example. Three weeks after the 2024 election, news broke that Donald Trump Jr. not only became an investor in the company but also served as a paid advisor — a deal arranged by Wool. Securities filing documents show that the company's stock price more than doubled within three days, bringing $4.4 million in paper gains to the president's eldest son. Subsequently, other companies struck similar deals, linking members of the Trump family to previously obscure stocks and thriving in the ensuing promotions.

Stock Market Soars

When Trump's son became an advisor, stock prices soared.

Source: Bloomberg Data

One of the cases involves Dominari itself: In February of this year, the company announced that Donald Trump Jr. and Eric Trump had become advisors and investors. Together, they hold more shares than any other external individuals. The announcement did not mention their father, only stating that Donald Jr. and Eric would provide consulting in artificial intelligence and data centers. Despite the fact that these two sons have no apparent experience in these areas, it seems not to matter. Dominari's stock price soared, making Wool and the Trump sons millions of dollars.

As of October 9, the total value of the Trump brothers' shares in Dominari exceeds $17 million. Eric's stake in the Bitcoin mining business established with the help of Dominari is worth nearly $500 million – a substantial windfall even by the standards of the Trump family's wealth, which is shown to exceed $7 billion according to the Bloomberg Billionaires Index.

Representatives of the Trump Organization did not respond to requests for interviews with Eric and Donald Trump Jr. In an interview following the appointment of the Trump brothers as advisers to Dominari, Wool referred to them as “great businessmen.” He declined to comment specifically on this article. Dominari received a summary of the report from Bloomberg Businessweek, stating that it “contains inaccurate statements and erroneous descriptions.” The company did not respond to requests for specific details and did not arrange for its executives to attend. The White House also did not respond to requests for comment.

Eric and little Donald outside the Nasdaq exchange in New York in August. Photo: Timothy A. Clary/AFP/Getty Images

Dominari's trading is a new interpretation of the Trump family's tradition. The president's real estate company long ago abandoned construction projects in favor of selling the rights to use the Trump family name. The collaboration with Wool and its micro-cap stocks, much like the Trump family's recent foray into cryptocurrency, is yet another way to exchange prestige for cash. “Micro-cap stocks almost have a definitive characteristic, which is that they are always difficult to get attention,” said Stephen Cahn, author of the investment guide “The Magic of Micro-Cap Stocks: Why the Biggest Returns Come from Stocks You've Never Heard Of,” who served as a banker at Dominari for several months last year. “The association with Trump is a huge focal point.”

Given the long history of cash-burning by such companies, a different first family may view investing in microcaps as a reputational risk. If, as Warren Buffett said, American capitalism is a cathedral with a casino attached, then microcaps are like roulette and slot machines. About half of Dominari's initial public offerings (IPO) are small companies located in mainland China or Hong Kong—where extreme price volatility and fraud are particularly rampant in these corners of the market. The dynamics of this ecosystem are fueled by a steady stream of small investors flocking to the microcap casino in search of quick profits. Now, thanks to Wool, the first family is sitting alongside them.

This relationship may also lead to conflicts of interest. During Trump's first term, protests against this primarily focused on the family's real estate. Lobbyists and foreign government officials can use these properties to host events and book hotels, thereby enriching the president. (Trump's assets are held in a trust, of which he is the beneficiary, so as the value of the assets increases, his wealth also grows.) During this term, the family is engaging in increasingly dazzling business activities, including media, mobile phones, and virtual currencies. Eric and Don Jr. have consistently claimed they are private business owners, but the father's policies as President of the United States will somehow affect all the companies they collaborate with. Dominari is a channel through which the family has gained many new opportunities, significantly increasing the likelihood of official decisions that enhance the Trump family's wealth.

Wool grew up in a small town called Canandaigua in the rural northern part of New York State, which has about 5,000 residents. After graduating from college, he joined the brokerage industry and quickly began managing money for the wealthy at firms like Oppenheimer and Morgan Stanley. His clients included a South Korean professional golfer, a timeshare tycoon whose 90,000-square-foot mansion appeared in the 2012 film “Marie Antoinette,” and even a company co-owned by Hunter Biden, the son of then-Vice President Joe Biden. The work itself was low-profile, but Wool stood out in other ways: posing for photos with friends in fashion magazines, showcasing a $165,000 watch, and socializing with Serbian royals while actively participating in a charity event focused on humanitarian work in Serbia.

In 2018, Wool (right) and Serbian Crown Prince Alexander at the Liederkranz Club in Manhattan. Photo: Paul Bruinooge/Patrick McMullan/Getty Images

By 2022, Wool served as the president of Revere Securities LLC, a small New York brokerage firm that raises funds for microcap stocks. This label typically applies to companies valued at less than $250 million—regulators often warn investors about increased risks and the potential for fraud in this area. One of his clients was Anthony Hayes(, a lawyer friend who also participated in a fashion magazine shoot. (Hayes's watch is worth only $42,000.) Hayes is the CEO of a small NASDAQ-listed company that over the years has expanded its business from food sweeteners and pesticides to patent litigation and cancer drugs, losing tens of millions of dollars. Under Wool's guidance, the company transformed again, shifting to investment banking. The company also changed its name to Dominari, which means “to dominate” in Latin. According to a former colleague, Wool loved the word. “He would say, 'I dominate, I dominate, I dominate,'” the person recalled. Like others interviewed for this article, this person requested anonymity to describe private interactions or information. Soon, Wool was appointed president of the company and head of the securities division.

Meanwhile, according to two people who had previously worked with him, he began to develop relationships with the Trump family. He moved his headquarters to Trump Tower. He also spent time and money at properties owned by Trump: he is a member of the Mar-a-Lago President's Club in Florida, with a membership fee now reaching $500,000, and he organized outdoor events at another golf course owned by Trump. Shortly thereafter, he began conducting private fundraising activities with Trump's sons and other executives from the Trump Organization.

In an interview with Fintech.TV focused on cryptocurrency in April, Eric stated that Dominari “has brought us many great things in the past, many of which have achieved incredible success.” “Whenever I see them, there is a special sparkle in my eyes.”

As the executive vice president of the Trump Organization, Eric is responsible for the daily operations of the family business. Donald Jr. also serves as executive vice president, but he is more active as a media figure for “Make America Great Again” (MAGA). They complain that even during their father's first term, they tried to avoid some conflicts of interest by opting out of new overseas real estate deals, yet they were still criticized. Eric told The Wall Street Journal last year: “I worked hard to do everything right in 2016, but received very little praise.” This time, there are fewer restrictions.

Like Trump's sons, Wool shuttles between supporters of the “Make America Great Again” (MAGA) movement in New York and South Florida, as evidenced by his regularly bronzed appearance when he appears on Fox Business. He slicks his hair back, reminiscent of the Wall Street moguls of the 1980s. On the show, he is a reliable source for traditional financial topics – AI stocks are booming, the market is rising – as well as praise for President Trump.

The microcap expert Kann, who once worked at Dominari, described Wool as a “man's man,” who enjoys drinking and joking but works hard and is fully committed to the company's success. Allan Evans, CEO of Unusual Machines, stated that Wool is a “typical New York banker who stops at nothing to get the job done.” Last year, Wool helped the company go public and later brought in Little Trump. “Saturday, Sunday, even at 2 a.m.—as long as there’s work to be done, he will do it.”

Over the years, Wool has received five complaints from clients filed with the financial industry regulator )Finra(. The complaints include allegations that he invested clients' funds in inappropriate investment projects and made unauthorized trades. Two of the complaints were withdrawn, and two others reached a settlement; one complaint accuses him of misallocating shares in an IPO earlier this year, which is still under review. Wool has denied any wrongdoing in each case and stated in an interview in February that these are merely business costs. “This is part of working in this industry for many years,” he said.

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Evans at the Unusual Machines store in Orlando. Photo: Michelle Bruzzese/Bloomberg

Unusual Machines is located in Room J of a warehouse in the Orlando Industrial District. At the end of June, when a reporter visited, the place was busy hiring, with new desks and workstations competing for space against boxes filled with equipment. At that time, there were fewer than 20 employees, most of whom worked in the retail department, which sells drone parts to drone enthusiasts, primarily manufactured in China. However, CEO Evans hopes to more than double the workforce and open a factory to begin producing its own parts while expanding into new clients in the industrial and government contracting sectors.

At the unloading dock, an employee ignited one of the smallest products sold by the company—a buzzing white cube, only slightly larger than a slice of bread—and completed a crisp flip in the air. Earlier this year, when Evans visited Mar-a-Lago, young Donald had also flown a similar product in the ballroom, showcasing his product. “In fact, he did quite well,” Evans said.

Without little Donald, the future may not be so bright. Unusual Machines was initially a little-known orphan company; last year, after its former owner chose to focus on military sales and abandon the consumer sector, Wool took it public at a price of $4 per share. After the new company went public, investors were not interested, and the stock price fell to less than $2. Meanwhile, the company continued to burn cash.

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A worker assembles drone parts at Unusual Machines. Photo: Michelle Bruzzese/Bloomberg

Wool was seeking more funding while pitching the stock to young Donald. Evans said the president's son was very interested—he is a licensed pilot and has experience using drones for deep-sea fishing. A securities document shows he paid $100,000 to purchase stocks and warrants and ultimately agreed to sign on as an advisor.

In November last year, Little Donald announced his participation in the company's stock trading, and the stock price soared to over $20, with his investment at one point increasing by 30 times. Since Little Donald is neither an executive nor a director of Unusual Machines, he is not required to disclose when or if he sold the stocks. However, Evans stated that he is still continuing to invest in the recent rounds of financing.

In the micro-cap market, some striking announcements can elevate a company's stock price, but when insiders sell shares, the stock price can plummet, and this situation is not uncommon. Evans stated that our situation is not like that. “If we were speculating, we would be raising funds when the stock price is $20/share,” he said. “Or, when the stock price is $20/share, I would sell my shares. Every time we raise funds, I buy shares and have never sold a single one. Our team is confident about the direction of future development.”

Unusual Machines is one of dozens of American startups betting on government and commercial buyer demand as it ventures into the domestic manufacturing industry, amid doubts from these buyers about major global drone manufacturers in China. Some competitors have well-funded backers or valuable patents. Unusual Machines has the support of Little Donald Trump. But Evans stated that he will neither lobby the White House nor curry favor with Pentagon officials. “He has a more comprehensive perspective than I do,” Evans said of Little Donald. “You had lunch with Elon Musk on the plane; you have a better grasp of the future direction of automation.” (A few days after Evans made this statement, Musk publicly fell out with the White House.)

Evans said that the biggest contribution of Little Donald is the public recognition of the company itself. He mentioned that it has become easier to meet potential business partners these days. The company has raised over $80 million from investors this year. “Just leveraging some of these relationships has earned the company more credibility and helped it stand out,” he said. “It's almost like Oprah joining the board of Weight Watchers, right? What does Oprah need to do? Actually, not much.”

Wool has also achieved similar success with one of the Trump family's largest cryptocurrency projects - American Bitcoin Corp. During Trump's second term, several of his sons embarked on multiple cryptocurrency investments, traveling around the world to promote these projects at industry conferences and touting their father's friendly stance on cryptocurrency, including appointing pro-crypto officials and approving legislation supported by the industry. Earlier this year, several of Trump's sons, along with Wool and Dominari, held a 20% stake in a mature Bitcoin mining company that has mining operations in Texas, New York, and Alberta, Canada. The company later went public under the name American Bitcoin Corp through a merger with a micro-cap publicly listed company. (Mining involves running powerful computers to solve mathematical problems to verify transactions on the Bitcoin blockchain and earn crypto tokens.)

In May of this year, the Trump brothers attended the largest Bitcoin conference in the industry held in Las Vegas, vigorously promoting the prospects of their company and its alignment with their father's vision of supporting cryptocurrency. Eric stated on stage, “Our president loves this industry and is 100% supportive of it. I tell you, our family is incredibly excited about this, and we are thrilled with the miracles created alongside this group of people.” This deal brought Dominari a huge unexpected fortune, with the company's holdings valued at over $150 million as of October 9. Eric's stake is worth nearly $450 million — an astonishing figure, especially since Business Week reviewed publicly disclosed information and found no evidence of any cash or other asset contributions from him.

“I am incredibly proud of American Bitcoin,” Eric said in a text message. “It has achieved amazing success.” He did not respond to other questions about his relationship with Dominari, and American Bitcoin did not reply to a separate request for comment.

Trump Brothers Win in Dominari Trade

The share value of Trump's sons Eric and Don Jr.

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Source: U.S. Securities and Exchange Commission filings, Bloomberg based on prices as of October 9, 2025.

Note: The shareholding in New America Acquisition is based on a target share price of $10 per share in the upcoming IPO. The shareholding in Unusual Machines is based on the disclosed shareholding in the securities documents submitted on December 5, 2024, which is the latest information currently available.

Potential conflicts of interest are dizzying, just like cryptocurrencies and drones. Although there is no evidence that the investments of Trump's son influenced policy decisions, the value of all these companies could increase or decrease due to government actions. In July this year, the White House suggested that the IRS consider modifying long-standing tax guidance for cryptocurrency mining in a manner required by the industry, which would benefit Bitcoin and other companies in the U.S. Meanwhile, the computers used by the company for Bitcoin mining come from a manufacturer based in China. A Republican congressman recently requested the U.S. Treasury to review such imported products on national security grounds; whether to do so is up to the Trump administration.

In the field of drones, the U.S. government has been dedicated to fostering domestic production, continuing efforts that began during the Biden administration with bipartisan support. In June of this year, Trump signed an executive order to accelerate the implementation of flight rules long sought by the industry; in July, the Pentagon released guidance aimed at expediting the procurement of American-made drones — both of these measures have boosted the stock prices of U.S. drone companies this year.

Potential conflicts have not slowed down Wool and the Trump brothers. In August of this year, they announced their latest collaboration: a blank check company named “New America Acquisition I Corp.” The company will raise funds in the stock market and then acquire a U.S. manufacturer, aligning with their father’s “Made in America” vision. As part-time advisors, the Trump brothers will receive shares worth up to $50 million at the time of the company’s public listing.

New America Corp stated in a securities filing that it would seek acquisition targets “that can benefit from federal or state-level incentives, such as grants, tax credits, government contracts, or preferred procurement programs.” After the Associated Press inquired about this with the Trump family, the company removed the statement—its law firm attributed this to a paperwork error. New America Corp did not respond to requests for comment.

The leadership of Dominari has expressed satisfaction with the rapid progress of the company's transactions. In a letter to shareholders in June, CEO Hayes stated that he is “very proud” of the achievements made by the company. With rising revenues, Dominari's stock price has also increased, which he partially attributes to his advisory board, which at the time was composed entirely of Trump Organization executives, specifically Donald Jr., Eric, and lesser-known industry veterans Lawrence Glick, Alan Gatten, and Ronald Lieberman. Hayes boasted that Dominari recently completed a dozen IPOs, including a company operating two golf courses in Florida and a company constructing roads in Hong Kong. He wrote, “Some media unfairly characterized some of our recent IPOs )IPO( as having lower quality clients. We strongly deny these claims.”

Indeed, investors have achieved significant success, including investments in Unusual Machines. However, out of the 12 trades mentioned by Hayes, 5 can be considered disasters, as the stock prices of these companies have significantly declined since their IPOs. While it is currently unclear whether the Trump family has any connections to most of the companies listed on the Dominari at the U.S. stock exchange, under Wool's leadership, these IPOs have become an important part of its business.

Among the 12 IPO cases heavily promoted by Hayes, there is Everbright Digital Holding Ltd. This is a marketing company based in Hong Kong, with 7 employees, claiming to be “deeply involved in the Metaverse.” In April of this year, Dominari listed Everbright Digital Holding on NASDAQ at a price of $4 per share, but it wasn't until June that the company caught the interest of investors, when trading volume suddenly surged and the stock price jumped to over $6.

This wave of increase is driven by a network of online stock picking clubs, a phenomenon that is becoming increasingly popular. In these clubs, some “experts” often pretend to be American fund managers, encouraging American investors to buy stocks for quick returns. 31-year-old California mechanic Artsiom Yefremenka ) said he joined one of these clubs through the instant messaging app Viber. The head of the club is referred to as “Mr. James,” who provides a series of profitable stock recommendations. Therefore, when Mr. James urged club members to bet heavily on Everbright Holdings, Yefremenka followed suit, risking about $20,000. This was nearly half of his annual salary.

In mid-July, the stock price of Everbright Digital Holdings plummeted to less than $1. During the lunch break, Yevremyanka watched helplessly as his investment evaporated. “I thought to myself, 'How could I have been fooled like this?'” he said. “This greed has killed us all.” Everbright Digital Holdings did not respond to reporters' inquiries.

Everbright Digital Holdings Plummets

The stock price of this Hong Kong-based Dominari client plummeted months after going public.

The smallest stocks have long been a hotbed of fraud and manipulation, but the recent frenzy over micro-cap stocks (many of which are Chinese companies listed on Nasdaq) heavily promoted on instant messaging apps has caught the attention of U.S. regulators and law enforcement. Criminals sometimes buy up a company's stock in large quantities and then use investment clubs to sell at high prices. The FBI stated in July that complaints about price manipulation involving instant messaging apps have increased by 300% since last year. It is estimated that U.S. investors have lost billions of dollars.

Last month, the U.S. Securities and Exchange Commission announced the establishment of a special working group to investigate cross-border stock price manipulation, including reviewing underwriters that may assist market manipulators in obtaining qualifications for listing in the United States. Since Dominari's establishment, 18 of its 38 IPOs involved small companies from mainland China or Hong Kong. In some cases, there was no apparent reason for them to be listed on U.S. exchanges. One company operates three hot pot restaurants; another is a luxury watch dealer with seven employees. Several companies saw their stock prices soar after promotional mass text messages, only to plummet afterward, including healthcare company Pheton Holdings Ltd., which has seen its market value shrink by over 80% since its listing, and Skyline Builders Group Holding Ltd., which experienced a market value drop of over 87% in a single trading day in July.

There is no indication that Wool or Dominari is associated with these message groups or the fluctuations in stock prices. The bank earns fees by helping companies go public, but does not necessarily continue to be involved afterwards. There is also no evidence that Dominari is under investigation by the U.S. Securities and Exchange Commission. It is just one of several investment banks involved in helping small speculative Chinese companies go public. However, this actually provides material that scammers can exploit. Michigan blogger and micro-cap investor Michael Good stated, “These companies keep going public, and there are constant instances of crazy surges and massive sell-offs, which suggests that either some of these investment bankers are turning a blind eye to this, or these scammers are very, very good at hiding and obscuring what they are doing.”

The former partner said that Wool has been telling people that life has changed in the past few months. Dominari opened other doors for him with the success of the Trump family. In June this year, Wool helped a micro-cap toy company transform into a custodian of the cryptocurrency created by billionaire Justin Sun (, who is also an advisor to another cryptocurrency project related to Trump. This new deal is not directly related to the First Family, but Wool recalled to The Wall Street Journal that Eric Trump ) had vouched for him, telling Sun that he was a “good guy.” Wool also told The Wall Street Journal that hedge fund and corporate executives suddenly called him, wanting him to get involved in deals. “Now you want to be my friend?” he said. “I don't need to.”

This year, Wool received treatment akin to that of an unofficial ambassador during his business trip to South Korea. He gave a television interview, sharing his views on the new government, and met with former congressman Yang Ki-dae. Yang Ki-dae stated on Facebook that Wool might be a bridge for communication between South Korea and President Trump. Yang Ki-dae also mentioned that Wool invited him to visit Trump Tower the next time he visits the United States.