Insider trading…..
The Securities and Exchange Commission (SEC) is investigating whether Sen. Richard Burr (R-N.C.) violated federal insider trading laws by selling more than $1.6 million in stocks before the market crashed last year.
In a court filing last week, the SEC revealed that it was probing Burr’s decision to liquidate almost all of his stock holdings on Feb. 13, 2020 after receiving classified briefings about the emerging coronavirus pandemic. The agency is also investigating whether Gerald Fauth, Burr’s brother-in-law, made similar stock sales based on information he received from Burr in a phone call the same day.
“Among other things, the Commission is investigating whether [Burr] sold stocks on the basis of material nonpublic information,” the agency revealed in a declaration filed in the District Court for the Southern District of New York, where it is attempting to force Fauth to comply with a subpoena….