The right wing Washington Examiner reports:
Rep. Madison Cawthorn may have violated federal insider trading laws as he hyped up an alleged pump-and-dump cryptocurrency scheme, multiple watchdog groups told the Washington Examiner. On Dec. 29, the beleaguered North Carolina congressman posed at a party with James Koutoulas, a hedge fund manager and the ringleader of the Let’s Go Brandon cryptocurrency, a meme coin set up in the wake of the chant mocking President Joe Biden.
“LGB legends.Tomorrow we go to the moon!” Cawthorn, who has stated publicly he owns the cryptocurrency, posted on Instagram in response to the picture posted on Koutoulas’s Instagram page. The next day, LGBCoin did exactly as the lawmaker predicted. NASCAR driver Brandon Brown announced on Dec. 30 that the meme coin would be the primary sponsor of his 2022 season, causing LGBCoin’s value to spike by 75%
Read the full article. LGBCoin, it’s worth noting, is today virtually worthless after reaching a peak market cap of $570 million. But did Cawthorn get out in time?
Amazing to see Patriots like this shouting us out!@jameskoutoulas and @CawthornforNC going strong at this weekend American Freedom Tour event in Fort Lauderdale!#letsgo #AFT #Freedom pic.twitter.com/jhtXP8nXjt
— LetsGo Brandon (@LetsGo) March 22, 2022
Amid all this, Cawthorn introduced legislation in February that would “deregulate cryptocurrencies and incentivize blockchain innovation,” which experts said opens the door to potential STOCK Act violations.
A whole lot more on this in the story below: https://t.co/xQ8UGmL9FC
— Andrew Kerr (@AndrewKerrNC) April 26, 2022