A group of 53 former federal prosecutors and agents told a court Monday that President Trump's media company is likely committing federal crimes by selling Wall Street investors faster access to his Truth Social posts.

In a court filing, the former law enforcement officials took aim at Trump Media & Technology Group, which recently launched its Truth API data feed, which charges Wall Street subscribers $100,000 for "real-time access to posts from the highest-ranking Truth Social accounts."

The Truth API data feed is now at the heart of a lawsuit in federal court in the Southern District of New York brought by the Intercept and the Freedom of the Press Foundation. The plaintiffs are seeking a preliminary injunction to block the transmission of early access to President Trump's posts on the grounds that the new service is unconstitutional.

The lawsuit, which was filed against Mr. Trump, his aides Natalie Harp and Dan Scavino and the White House, alleges that selling early access to Truth Social posts is "profoundly corrupt" and runs afoul of the First and Fifth Amendments.

The former federal prosecutors filed a proposed amicus brief in the case on Monday in support of the media groups' request, saying the business model of selling early access to market-moving information likely violates a raft of criminal laws, including laws that prohibit insider trading.

"The Truth Social scheme poses an obvious risk of corruption, defying the compelling anti-corruption interests embodied in the Constitution, ethics codes, and federal laws," the former federal prosecutors and agents wrote in the court brief.

They went on to say: "It implicates federal public corruption laws imposing criminal penalties, including the Securities Exchange Act; the federal prohibitions on illegal gratuities, conflicts of interest, and outside compensation for federal employment; and the Trade Secrets Act." 

"Because the scheme is so far from legitimate that it is possibly criminal, it cannot serve any legitimate government interest," the former prosecutors said.

CBS News has reached out for comment to the White House and to the Justice Department, which is defending the government in the case.

The brief noted that the scheme could create criminal liability not only for executive branch officials, but also for anyone who is paying the fee for the early access to Truth Social posts, as well.

As an example, the brief cited a hypothetical case in which President Trump decides to announce at 11 a.m. that he is imposing tariffs on a country that exports computer chips. The paid subscribers gain access to the news at 9 a.m. and one subscriber sells computer chip stocks. When the news becomes public at 10 a.m., computer chip stocks plummet.

"The President and the paid subscriber would have therefore violated the Securities Exchange Act and could be criminally liable, just as they would be if the President had secretly emailed or texted the subscriber market-moving information, and the paid subscriber traded on that information," the former prosecutors and agents wrote.

The brief was signed by former officials including Ryan Crosswell, a former federal prosecutor in the Public Integrity Section who resigned last year in protest after senior Justice Department officials moved to dismiss an indictment against former New York City Mayor Eric Adams.

Others who signed it include Michael Bromwich, a former prosecutor and former inspector general, and Ty Cobb, a former prosecutor who previously served as counsel in the White House during Mr. Trump's first administration.

The brief was organized jointly by the law firm Singleton Schreiber and the Campaign Legal Center.

A hearing on the request for the preliminary injunction is slated for Oct. 7 at the federal courthouse in Manhattan.

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