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Politics Criticism of Sen. Burr's stock sales intensifies as he faces Justice Department probe

01:06  01 april  2020
01:06  01 april  2020 Source:   latimes.com

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The Department of Justice is investigating stock transactions made by at least one lawmaker earlier this " Senator Burr welcomes a thorough review of the facts in this matter, which will establish that his In addition to Burr ' s transactions, sales made by Sen . Kelly Loeffler, R-Ga., also drew criticism .

Justice Department Begins Probe Into Senators Who Sold Stocks After Coronavirus Briefing Richard Burr , who reportedly sold off stock in the weeks following the senators -only coronavirus Jim Inhofe, of Oklahoma, and Dianne Feinstein, of California, also faced scrutiny about their financial

WASHINGTON — A Florida lawmaker Tuesday escalated his attacks on U.S. Sen. Richard Burr, a fellow Republican, a day after reports that the Justice Department has launched a probe into Burr’s stock trades.

Richard Burr wearing a suit and tie: Sen. Richard Burr (R-N.C.) during a Senate Foreign Relations Committee hearing on Capitol Hill in Washington, D.C., on April 12, 2018. Burr sold up to $1.5 million in stocks in mid-February, weeks before he warned a private group that the coronavirus was © Cheriss May/Sipa USA/TNS Sen. Richard Burr (R-N.C.) during a Senate Foreign Relations Committee hearing on Capitol Hill in Washington, D.C., on April 12, 2018. Burr sold up to $1.5 million in stocks in mid-February, weeks before he warned a private group that the coronavirus was "akin to the 1918 pandemic" and warned it to rethink European travel.

Multiple media outlets Monday reported that the Justice Department, along with the Securities and Exchange Commission, is investigating Burr’s February sale of up to $1.7 million in stocks. Reports said the FBI has contacted Burr over the transactions, which came before coronavirus took off in the United States, nearly shutting down the economy and sending stocks tumbling.

Senators' stock sales may look sleazy, but they’re not insider trading

  Senators' stock sales may look sleazy, but they’re not insider trading Republican Sens. Kelly Loeffler and Richard Burr are under fire for certain stock sales.You can say a lot of things about the senators who sold stock while being briefed early on about the devastating effects of the coronavirus on the American public and now the stock market: They may be greedy, unethical and down-right stupid for thinking they could escape without getting noticed.

The Justice Department has started to probe a series of stock transactions made by lawmakers ahead Burr ' s sales represent a sizable share of his portfolio of stocks , according to his latest Senate financial Stock sales were reported last month by Sens . Dianne Feinstein, a California Democrat

The Department of Justice is investigating Sen . Richard Burr ' s stock transactions preceding the stock market crash that started in February. Richard Burr calls for ethics investigation amid claims he dumped stock after learning about the pandemic threat.

As chairman of the Senate Intelligence Committee, North Carolina’s senior senator was privy to what the Washington Post described as a surge of ominous intelligence warnings about the virus in January and early February. A week before his stock sales, Burr co-authored a Fox News column that sought to reassure Americans about the virus.

SEC spokeswoman Judith Burns on Tuesday declined to comment on the reported investigation.

GOP Rep. Matt Gaetz of Florida, who has been critical of Burr since the transactions were first reported, stepped up his criticism of Burr on Tuesday.

“Social distancing is not a sufficient penalty for Richard Burr,” he tweeted. “He needs to be removed as the intelligence chairman.”

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The US Department of Justice is investigating several senators for highly profitable stock transactions they made in the early weeks of The inquiry, still in its early stages, has already seen the FBI reach out to North Carolina senator Richard Burr , who was the first to incur criticism for selling

The Justice Department is examining whether lawmakers traded ahead of the market turmoil caused by the coronavirus pandemic based on confidential briefings they received, according to a person familiar with the matter. As part of that inquiry, the FBI has reached out to Sen .

He followed that two hours later with another: “Maybe in the next relief bill, Americans can choose: $1,200 or Stock tips from @SenatorBurr and @SenFeinstein.”

California Democratic Sen. Dianne Feinstein was among a handful of other senators whose recent transactions have come under scrutiny. Feinstein, like the others, has denied wrongdoing, and said the biotech company stocks were sold by her husband.

Burr said he made his decision based on publicly available media reports, not on closed intelligence briefings. A day after ProPublica and the Center for Responsive Politics first reported on the stock sales, he asked the Senate Ethics Committee for a “complete review.”

On Tuesday, Burr’s office referred the Observer to a statement from Alice Fisher, a former U.S. assistant attorney general who is advising the senator.

“The law is clear that any American – including a Senator – may participate in the stock market based on public information, as Senator Burr did,” she said in the statement. “Senator Burr immediately asked the Senate Ethics Committee to conduct a complete review, and he will cooperate with that review as well as any other appropriate inquiry. Senator Burr welcomes a thorough review of the facts in this matter, which will establish that his actions were appropriate.”

North Carolina senator sued over controversial stock sales

  North Carolina senator sued over controversial stock sales North Carolina Sen. Richard Burr is being sued over his stock dealings, WRAL reports. Click the video player above to see WXII 12 News coverage of the lawsuit Sign up for our Newsletters A shareholder in Wyndham Hotels is suing Burr for selling up to $150,000 of Wyndham stocks last month. The shareholder accuses Burr of violating the Stock Act, which makes it illegal for people to profit financially from inside information. Burr unloaded up toClick the video player above to see WXII 12 News coverage of the lawsuit

The Justice Department is probing a series of stock trades that Sen . Richard Burr made in the There is no indication so far that Burr made the stock trades based off of information he received as Burr ’ s lawyer, Alice Fisher, told CNN that he “welcomes a thorough review of the facts in this matter

Richard Burr (R-N.C.) on reports that his stock trades in the lead-up to the recent selloff are being probed .

Burr’s trades have drawn fire from conservatives like Fox News host Tucker Carlson, who called on him to resign and called his trades a “moral crime.” Even North Carolina’s other senator, Republican Thom Tillis, said last week that, “given the circumstances, Sen. Burr owes North Carolinians an explanation.”

And last week Politico reported that Burr was sued in federal court by a shareholder in Wyndham Hotels and Resorts. The shareholder claims that Burr used private information in deciding to sell the stocks. The Center for Responsive Politics reported that holdings sold by Burr and his wife, Brooke, included up to $150,000 of Wyndham stock.

The stock closed at $59.10 on Feb. 13, the day of the sale. On Tuesday morning it was trading at just over $31.

The 2012 STOCK Act prohibits profiting off “any nonpublic information derived from their positions as Members or congressional employees,” according to a Library of Congress summary. Burr was one of three senators to vote against the bill.

North Carolina Attorney General Josh Stein, a Democrat, has tweeted that he found Burr’s trades “extremely troubling” and called for a federal investigation.

Other Democrats, including Senate candidate Cal Cunningham, have called for a probe by the Justice Department and the SEC. Robert Howard, spokesman for the state Democratic Party, Tuesday accused Burr of “pandemic profiteering.”

“Sen. Burr’s stock selloff scandal is only getting worse and it’s past time he step aside,” Howard said.

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Texas prison guard dies after being hospitalized with COVID-19 .
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