UNITED STATES—It was announced on Monday, May 26, that the United States Justice Department closed its investigations into the insider-trading of three U.S. Senators. Those dismissed were Senator Jim Inhofe of Oklahoma, Senator Dianne Feinstein of California, and Senator Kelly Loeffler of Georgia.
Each, along with Senator Richard Burr of North Carolina, were accused of making stock trades before the market dropped based on private information ahead of the coronavirus outbreak. It was confirmed that Feinstein’s husband, Richard C. Blum, sold anywhere between $1 to $6 million in stock. Inhofe sold between $395,000 and $850,000 in stock, and Loeffler between $1 to $3 million in stock. All denied allegations of insider-trading and cooperated with the authorities.
With the closing of their cases, the focus is on Senator Burr who sold approximately $1.7 million in stock after private COVID-19 briefings. With a warrant, the FBI seized Burr’s Senate-issued cell phone in early May. He temporarily stepped down as the chair of the Senate Intelligence Committee.
Burr’s attorney, Alice Fisher, maintains that he is “actively cooperating” with investigators, and that his decision to sell stocks was based “solely on public news reports” by CNBC.