Media reports allege stock sales by Sens. Richard Burr and Kelly Loeffler were timed close to a coronavirus briefing, but illegality is not clear.
A former federal prosecutor and other attorneys weighed in Thursday as media reports questioned recent stock selling by prominent lawmakers who were reportedly privy to early, frequent warnings about the risks of coronavirus, and in at least one case publicly downplayed such risks, while unloading their investments.
In a separate, earlier report, National Public Radio said that Burr privately warned of the risks that coronavirus posed when speaking to a select group of donors and others in late February, a stance in contrast to his public remarks at the time on the eventual pandemic. “Insider trading is only illegal when the information is ‘material,’ meaning that it would have caused a significant change in stock price. It is also only illegal when the information is known by the trader and is not public,” Mariotti, a Democrat who previously ran unsuccessfully for Illinois attorney general, added. He said any defense for Burr or others would hinge on arguing how much public information was also available at the same time.
Loeffler, the Georgia Republican, reported the first sale of stock jointly owned by her and her husband on Jan. 24, the Daily Beast reported Thursday night. That day, the Senate Health Committee, of which she is a member, hosted a private, all-senators briefing from administration officials, including the CDC director and Dr. Anthony Fauci, the head of the National Institutes of Health, on the coronavirus.
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