Tag Archives: insider trading

Watchdog Group Accuses GOP Rep Of Insider Trading

The Daily Beast reports: On Wednesday, watchdog group Citizens for Responsibility and Ethics in Washington filed a complaint with the Office of Congressional Ethics, accusing Rep. Mike Garcia (R-CA) of breaking disclosure laws and the STOCK Act when he failed to properly report multiple transactions in the run-up to the 2020 election—including the sale of Boeing stock weeks before a …

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Former GOP Rep Gets 22 Months For Insider Trading

Bloomberg News reports: A former Republican congressman from Indiana was ordered to spend 22 months in prison for trading on inside information about mergers he learned about while working as a consultant after leaving office. Stephen Buyer, who served in Congress from 1993 to 2011, was sentenced Tuesday by US District Judge Richard Berman in New York. Buyer was found …

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Trio Charged In Alleged Truth Social Merger Scheme

The New York Times reports: Federal authorities charged three men on Thursday with taking part in a scheme to make $22 million in illegal profits by trading ahead of the proposed merger of former President Donald J. Trump’s social media company with a cash-rich public shell company in fall 2021. The arrests came after a lengthy investigation by federal prosecutors …

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Truth Social Faces Deadline To Keep $300M In Funding

The New York Times reports: If the merger is not completed in the next six months, Digital World — established as a special purpose acquisition corporation — will have to return the $300 million it raised from investors in 2021 through an initial public offering. But it is not clear that the investigations by the Securities and Exchange Commission and …

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GOP Ex-Rep. Steve Buyer Convicted Of Insider Trading

The Lafayette Courier & Journal reports: On Friday, the U.S. District Court for the Southern District of New York convicted former Indiana Rep. Stephen Buyer on insider trading charges. These charges were filed by the Securities and Exchange Commission based on allegations that Buyer had used insider information to purchase stock in Navigant Consulting and Sprint Corp. before their acquisitions …

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SEC Ends Insider Trading Probe Into Ex-GOP Senator

The Wall Street Journal reports: The Securities and Exchange Commission is no longer investigating trading by former Sen. Richard Burr, whose stock sales in February 2020 raised concerns he misused information he received as a lawmaker about the coronavirus pandemic’s potential economic impact. The SEC this week told Mr. Burr, a North Carolina Republican who retired from the Senate at …

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House Fines Cawthorn $15K For Crypto Insider Trading

Axios reports: Rep. Madison Cawthorn (R-N.C.), who is leaving Congress next month after losing his primary, was directed by the House Ethics Committee Tuesday to pay more than $15,000 related to his ownership and promotion of a cryptocurrency. A report released by the panel, which followed a seven-month investigation, concluded there was “substantial evidence” the North Carolina lawmaker improperly received …

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Madison Cawthorn Discloses Cryptocurrency Purchases At Center Of US House Ethics Probe On Insider Trading

CNBC reports: Rep. Madison Cawthorn on Friday belatedly disclosed suspected cryptocurrency transactions that earlier this month led the House Ethics Committee to open an investigation into the North Carolina Republican’s possible promotion of an asset he secretly owned. Cawthorn, 26, revealed Friday that he bought between $100,000 and $250,000 worth of “Let’s Go Brandon” cryptocurrency on Dec. 21. The transaction …

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Cawthorn Investigated For Alleged Insider Trading

The Hill reports: The House Ethics Committee has launched a probe into embattled Rep. Madison Cawthorn (R-N.C.) to determine whether he improperly promoted a cryptocurrency without disclosing he had a financial interest in it and whether he had an improper relationship with a staff member employed in his congressional office. A Washington Examiner report first suggested that Cawthorn may have …

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GOP Senator: Investigate Cawthorn For Insider Trading

Charlotte’s Fox News affiliate reports:  A North Carolina senator is weighing in on the latest in an avalanche of issues for a fellow congressman from the Tar Heel state. Thom Tillis tweeted Wednesday morning, addressing accusations that Rep. Madison Cawthorn had implicated himself in insider trading. The Washington Examiner wrote that Madison Cawthorn is under fire after posing with hedge …

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Cawthorn Accused Of Crypto Insider Trading Scheme

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, …

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Court Overturns Block On Sen. Burr’s Search Warrant

The Los Angeles Times reports: A federal appeals court on Friday overturned a judge’s ruling that blocked the public’s access to a search warrant for Sen. Richard M. Burr’s cellphone that federal investigators seized in an investigation of his stock trades. The three-judge appeals court panel found that U.S. District Judge Beryl Howell had misapplied the law in her May …

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North Carolina Paper Calls On GOP Senator To Resign

From the editorial board of the Charlotte Observer: New details arose Thursday regarding a Securities and Exchange Commission investigation into possible insider trading by Burr. According to an SEC filing first reported by ProPublica, Burr possessed “material nonpublic information” regarding the incoming economic impact of the virus when he dumped roughly $1.6 million in stocks in February 2020. After doing …

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New Insider Trading Allegations Against GOP Senator

ProPublica reports: 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. …

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Rand Paul’s Wife Bought Stock In COVID Med Company After He Got Private Briefing During Start Of Pandemic

The Washington Post reports: Sen. Rand Paul revealed Wednesday that his wife bought stock in Gilead Sciences — which makes an antiviral drug used to treat covid-19 — on Feb. 26, 2020, before the threat from the coronavirus was fully understood by the public and before it was classified as a pandemic by the World Health Organization. The disclosure, in …

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Another Republican Senator In Stock Trading Scandal

Forbes reports: Sen. Tommy Tuberville (R-Ala.) bought and sold more than $1 million worth of securities during his first five months in the Senate, buying and selling stock in some companies with business before his committees, according to a filing released Friday. A member of the Armed Services Committee, Tuberville made four separate purchases of Alcoa, a defense contractor, totaling …

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New York AG Petitions Kodak CEO To Testify On His Stock Buys After Secret $655M Loan Deal With Trump

Via press release from New York AG Letitia James: New York Attorney General Letitia James, today, announced a new action taken in her investigation of insider trading by the chief executive officer (CEO) of the Eastman Kodak Company (Kodak). Attorney General James filed a petition with the New York County State Supreme Court to have Kodak CEO Jim Continenza publicly …

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Perdue Eyed For Timing Of Pfizer Stock Purchase

Salon reports: Sen. David Perdue, one of two multimillionaire Georgia Republicans facing tight runoff elections in January, drew scrutiny this spring for stock transactions made in the weeks ahead of the coronavirus outbreak in the U.S., while he was receiving privileged briefings on the impending pandemic. In a series of transactions in late February, Perdue also invested up to $245,000 …

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Perdue Traded Bank Stocks While Passing Pro-Bank Bills

Salon reports: David Perdue, one of two multimillionaire Georgia Republican senators facing insider-trading scrutiny ahead of runoff elections in January, traded hundreds of thousands of dollars in bank stock while passing pro-bank legislation on the Senate Banking Committee, financial disclosures show. Between 2017 and 2020, while on the committee, Perdue co-sponsored 14 bills that benefited the financial industry, including through …

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Loeffler In Quarantine After Mixed COVID Test Results

CBS News reports: U.S. Senator Kelly Loeffler is quarantining after receiving mixed results from recent coronavirus tests, a day after she campaigned with Vice President Mike Pence and U.S. Senator David Perdue in the state’s hotly contested twin Senate races. The Georgia Republican took two rapid COVID tests on Friday morning that came back negative, a spokesperson for her campaign …

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