There have been questions regarding some members of the Senate who have recently sold off huge chunks of their stock portfolios prior to the market collapse.
These individuals have come into question on what they knew and if there was some insider trading involved.
Senator Kelly Loeffler from Georgia is one of the individuals which she admitted that she sold the stock, but claims that she had no knowledge of the sells because she doesn't manage the portfolio, a third party does that for her.
Loeffler sold over $1 million in stock just before the stock market crashed and shortly after a private meeting in Washington, D.C.
Something else that is interesting is that her husband is the CEO of the company that owns the New York Stock Exchange.
Loeffler has been accused of insider trading given her convenient timing of selling off stock.
She isn't the only one either. Three other Senators sold stock as well.
James Inhofe, Dianne Feinstein and Richard Burr were among others in Congress that have sold hundreds of thousands of dollars in stocks within days of the Senate holding a classified briefing on Jan. 24 with administration officials on the threat of the coronavirus outbreak.
The sales raise questions about whether the senators violated the STOCK Act, a law that bans members of Congress from making financial trades based on nonpublic information.
The Daily Beast reported:
The Senate’s newest member sold off seven figures worth of stock holdings in the days and weeks after a private, all-senators meeting on the novel coronavirus that subsequently hammered U.S. equities.
Sen. Kelly Loeffler (R-GA) reported the first sale of stock jointly owned by her and her husband on Jan. 24, the very day that her committee, the Senate Health Committee, hosted a private, all-senators briefing from administration officials, including the CDC director and Anthony Fauci, the head of the National Institutes of Health of the United States, on the coronavirus.
That first transaction was a sale of stock in the company Resideo Technologies worth between $50,001 and $100,000. The company’s stock price has fallen by more than half since then, and the Dow Jones Industrial Average overall has shed approximately 10,000 points, dropping about a third of its value.
It was the first of 29 stock transactions that Loeffler and her husband made through mid-February, all but two of which were sales. One of Loeffler’s two purchases was stock worth between $100,000 and $250,000 in Citrix, a technology company that offers teleworking software and which has seen a small bump in its stock price since Loeffler bought in as a result of coronavirus-induced market turmoil.
Ed Henry from Fox News asked Loeffler about the selling of the stocks since they were conveniently timed. She told Henry that the sales were made without her knowledge and she did not know about the transactions until weeks later.
Ed Henry: "Shortly after that tweet you sold over a million dollars in stocks from your portfolio before the market went down. Were you trading on inside information on what was coming?"
Sen. Kelly Loeffler: "Well, I’m really glad that you asked Ed because I do want to set the record straight. I’ve seen some of those stories and it’s absolutely false. And it could not be true. So, if you actually look at the personal transaction reports that were filed it notices at the bottom that I am only informed on my transactions after they occur, in several weeks. So those transactions, at least on my behalf, were a mix of buy and sells, very routine for my portfolio."
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