After Sen. Richard Burr of North Carolina dumped more than $1.6 million in stocks in February 2020 a week before the coronavirus market crash, he called his brother-in-law, according to a new Securities and Exchange Commission filing. They talked for 50 seconds. Burr, according to the SEC, had material nonpublic information regarding the incoming economic impact of coronavirus. The very next minute, Burr’s brother-in-law, Gerald Fauth, called his broker.
In the filings, the SEC also revealed that there is an ongoing insider trading investigation into both Burr and Fauth’s trades. It had previously been reported that federal prosecutors had decided not to charge Burr. Burr’s spokesperson did not immediately respond to questions. Fauth’s lawyer and the SEC did not respond to questions. Fauth hung up on a ProPublica reporter.
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BREAKING: SEC says Sen. Richard Burr had material nonpublic info re COVID economic impact.
After Burr dumped stock, he called his brother-in-law.
His brother-in-law called his stock broker **the next minute** https://t.co/EiXjZ4oPS4
— Robert Faturechi (@RobertFaturechi) October 28, 2021