GOP Sen. Richard Burr's brother-in-law, a Trump appointee, dumped up to $280,000 in stocks the same day Burr did before the market plunged

5:40 PM

richard burrGetty Images

  • Gerald Fauth, the brother-in-law of GOP Sen. Richard Burr of North Carolina and a Trump appointee, dumped up to $280,000 in stocks on February 13, the same day Burr unloaded up to $1.72 million in his own shares, ProPublica reported.
  • Burr is the chairman of the powerful Senate Intelligence Committee, which has access to the federal government's most classified and sensitive information.
  • Someone who picked up Fauth's phone hung up when ProPublica reached out to ask whether he and Burr had discussed the stock sales in advance.
  • Burr's committee was getting daily briefings on the threat of the coronavirus around the time he dumped his stock, shortly before the stock market plunged amid fears of a global outbreak.
  • The Justice Department is currently investigating the actions of US lawmakers who sold stocks before the market tanked, and the FBI has reportedly contacted Burr's office as part of the probe.
  • Visit Business Insider's homepage for more stories.

Sen. Richard Burr's brother-in-law, Gerald Fauth, dumped up to $280,000 in stocks on the same day Burr did, as the coronavirus began gaining a foothold in the US, ProPublica reported Wednesday.

In all, he sold between $97,000 and $280,000 in shares from six companies, including a number of stocks that were particularly hard hit when the stock market and US economy began cratering amid the pandemic, according to ProPublica.

See the rest of the story at Business Insider

NOW WATCH: How waste is dealt with on the world's largest cruise ship

See Also:



from Feedburner https://ift.tt/2A6wDb7

Post a Comment

No comments

Subscribe to: Post Comments ( Atom )
Powered by Blogger.