insider trading

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Chair of Senate Intel Panel Steps Down Amid Inquiry

Richard Burr will leave post until investigation into his stock moves in pandemic is completed

(Newser) - Sen. Richard Burr is temporarily giving up his chairmanship of one of the most powerful Senate committees while the FBI investigates insider trading allegations, reports the Hill . The North Carolina Republican will step aside as chair of the intelligence panel as the investigation continues. Burr, who was privy to classified... More »

FBI Serves Search Warrant on Senator Who Dumped Stock

Richard Burr was privy to confidential coronavirus briefings at the time

(Newser) - One of the senators who sold off stock after confidential briefings on the coronavirus in early February is now under investigation by the FBI. The bureau served a search warrant on Richard Burr, chairman of the Senate Intelligence Committee, Wednesday, per the Los Angeles Times . The North Carolina Republican asked... More »

Loeffler Hasn't Backed Up Her Defense on Stock Deals

Senator won't name the financial advisers she said acted after her coronavirus briefing

(Newser) - Accused of profiting off insider information, Georgia Sen. Kelly Loeffler defended her stock deals by saying they were made by financial consultants acting on their own. So far, the Atlanta Journal-Constitution reports, she's presented no evidence of that. Loeffler and her husband, Jeff Sprecher, sold stocks in a list... More »

Senator's Virus Stock Trades Under Federal Inquiry

Justice Department is investigating Richard Burr's financial moves

(Newser) - A senator's well-timed stock selloff before the coronavirus crisis arrived in full is now the subject of a federal investigation. CNN reports that the Justice Department has begun an inquiry into the financial moves of Richard Burr. The North Carolina Republican chairs the Senate Intelligence Committee, and he sold... More »

Ex-Congressman Sentenced: 'My Life Has Been Shattered'

Chris Collins, first in Congress to endorse Trump, gets 2-plus years for securities fraud, lying to FBI

(Newser) - A former congressman who was one of President Donald Trump’s first supporters was sentenced Friday to two years and two months in federal prison after admitting he helped his son and others dodge $800,000 in stock market losses when he learned that a drug trial by a small... More »

Ex-Lawmaker: Don't Throw Me in Prison. I Was a Boy Scout

Rep. Chris Collins has pleaded guilty to insider trading

(Newser) - Prosecutors are seeking maximum prison time for a former lawmaker who's pleaded guilty to insider trading, Politico reports. Rep. Chris Collins, who initially denied the accusations, now faces up to five years in prison. "It is critically important that the sentence imposed on Congressman Collins drive home the... More »

Rep. Chris Collins Resigns Ahead of Expected Guilty Plea

Gov. Andrew Cuomo will set a special election to fill the seat, which leans Republican

(Newser) - Rep. Chris Collins, a Republican congressman from western New York, is resigning from his seat ahead of an expected guilty plea in an insider trading case in which he was accused of leaking confidential information during an urgent phone call made from a White House picnic on June 22, 2017.... More »

Indicted Congressman Does U-Turn, Revives Campaign

Chris Collins says the 'stakes are too high'

(Newser) - A Republican lawmaker who dropped out of a House race in upstate New York after being charged with insider trading has decided to drop back in. Rep. Chris Collins, the first member of Congress to endorse President Trump, said in a statement that constituents in his Buffalo-area district can now... More »

Indicted GOP Rep Changes His Plans

Chris Collins suspends his re-election campaign

(Newser) - In an about-face, US Rep. Chris Collins is ending his re-election bid days after the Republican was charged with insider trading. Collins released a statement Saturday morning saying he will suspend his campaign and fill out the rest of his term, the AP reports. Collins was indicted Wednesday on charges... More »

Call Made From Picnic Led to Charges for Rep. Chris Collins

Indictment alleges he read an email about a failed drug trial, alerted his son

(Newser) - GOP Rep. Chris Collins surrendered to federal agents in New York on Wednesday to face insider trading charges. CNBC quotes the Justice Department as saying the indictment is tied to "securities of Innate Immunotherapeutics ... an Australian biotechnology company on whose board of directors Christopher Collins served." The allegation... More »

He Dumped All His Equifax Stock. Now, Criminal Charges

Jun Ying charged with insider trading

(Newser) - Before Equifax went public with news of its massive data breach last September, Jun Ying, the company's then-US chief information officer, exercised and sold all his stock options. Now the SEC says the nearly $1 million move was insider trading, and Ying has been charged to that end in... More »

Icahn Dumps $31M in Shares Before Steel Tariff Unveiled

Former Trump adviser apparently saw it coming

(Newser) - Billionaire investor Carl Icahn—who once worked as a "special adviser" to President Trump—dumped about $31 million of shares in a company that depends on steel imports just days before Trump announced tariffs on steel imports, the Guardian reports. On February 12, Icahn began selling his shares in... More »

Sources: Equifax Execs Who Sold Shares Now Eyed by Feds

There's reportedly a criminal probe into insider trading suspicions

(Newser) - Right after Equifax discovered it had suffered a huge security breach , three senior executives dumped nearly $2 million in shares —and now the feds are looking to see if there was any criminality involved. Per Bloomberg , sources familiar with the investigation say the Justice Department will be seeking evidence... More »

Alleged Insider Trader Maybe Did Too Much Googling

Didn't cover up online search history for 'insider trading' too well, prosecutors say

(Newser) - If you don't want the SEC to pick up on the fact that you've carried out an unusual trade, you probably shouldn't Google "how sec detect unusual trade," or "insider trading in an international account." Those are the phrases that federal prosecutors allege... More »

Here's How Congressman Lost $17M in Single Day

Australian biotech firm's stock drops 90% Tuesday

(Newser) - A Republican congressman from New York lost approximately $17 million Tuesday when the stock value of an Australian biotech firm cratered, Politico reports. It's unclear how much money was lost by his fellow lawmakers, who he convinced to buy into the firm. Rep. Chris Collins is the largest shareholder... More »

Phil Mickelson Made Nearly $1M on Insider Trading: SEC

Commission names pro golfer in federal lawsuit

(Newser) - The Securities and Exchange Commission is filing a complaint against professional golfer Phil Mickelson related to insider trading, the AP reports. The SEC says gambler William Walters received tips and business information about Dean Foods Co. from Thomas Davis, former head of Dean Foods, between 2008 and 2012. The SEC... More »

Phil Mickelson, Carl Icahn Face Trading Probe

Sports bettor Billy Walters also caught up in investigation

(Newser) - An unusual trio of public figures is raising federal eyebrows in an insider-trading investigation. The FBI and SEC are looking into whether billionaire investor Carl Icahn might have passed information to Billy Walters, an expert bettor on sports, the Wall Street Journal reports. Officials wonder if, in turn, Walters may... More »

End Insider Trading? Might as Well Ban Booze

Countless convictions won't stop the practice: Henry G. Manne

(Newser) - Insider trading is to modern times what bootlegging was to the Prohibition era: Authorities will never be able to stop it, writes Henry G. Manne in the Wall Street Journal . Sure, prosecutors can catch plenty of perpetrators. But "the payoffs are too big and too accessible and the number... More »

FBI Wants to Know If Robots Are Trading Illegally

Feds think high-speed traders are acting on insider information

(Newser) - The FBI has a running investigation into high-speed trading , the controversial practice of using computers to automatically buy and sell stock within a fraction of a second. News of the probe comes hot on the heels of Michael Lewis' headline-making interview and book about the practice, but the investigation was... More »

Executives' Stock Selling Move Smells Fishy

Top companies have sold after good guidance, but before bad, 755 times

(Newser) - The next time you see a top executive deliver good news and then sell stock in his own company, head for the exits. Executives have an uncanny knack for issuing positive guidance, selling their stock, and then issuing negative guidance soon thereafter, the Wall Street Journal reports. The Journal found... More »

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