Senators that dumped stock before the coronavirus market crash are being investigated by the DOJ according to a new report from CNN.
DailyWire reports federal law enforcement officials are reportedly investigating a series of stock market transactions that were made by U.S. lawmakers prior to the stock market tanking as a result of the coronavirus rapidly spreading throughout the U.S.
“The inquiry, which is still in its early stages and being done in coordination with the Securities and Exchange Commission, has so far included outreach from the FBI to at least one lawmaker, Sen. Richard Burr, seeking information about the trades, according to one of the sources,” CNN reported. “Public scrutiny of the lawmakers’ market activity has centered on whether members of Congress sought to profit from the information they obtained in non-public briefings about the virus epidemic.”
CNN added that there is “no indication that any of the sales, including Burr’s, broke any laws or ran afoul of Senate rules.”
Other senators who have come under scrutiny include Sens. Kelly Loeffler (R-GA), Dianne Feinstein (D-CA), and Jim Inhofe (R-OK).
“Congress passed the Stock Act in 2012, which made it illegal for lawmakers to use inside information for financial benefit,” CNN added. “Under insider trading laws, prosecutors would need to prove the lawmakers traded based on material non-public information they received in violation of a duty to keep it confidential.”
Per CNN, Stock sales were reported last month by Sens. Dianne Feinstein, a California Democrat, and Jim Inhofe, an Oklahoma Republican. Both Feinstein’s and Inhofe’s offices said the senators had not been contacted by the FBI.
Feinstein herself did not sell any stock, according to Senate records. Her husband sold between $1.5 million and $6 million in stock of Allogene Therapeutics, a biotech company, in January and February. Feinstein said on Twitter earlier this month that she has no involvement in her husband’s financial decisions.
“I have no input into his decisions. My husband in January and February sold shares of a cancer therapy company. This company is unrelated to any work on the coronavirus and the sale was unrelated to the situation,” she tweeted.