Sen. Loeffler under fire for improper trading after coronavirus hearing

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Kelly Loeffler, the former CEO of the Intercontinental Exchange subsidiary Bakkt and the current Republican Senator from Georgia, reportedly sold millions in stock within days of a Senate Health Committee hearing on the new corona virus.

According to a Daily Beast report on March 20, the Republican Senator reported the first copy of shares that her and her husband owned jointly in January. 24 – the same day of the private briefing to the US senators.

In total, she and her husband reportedly made 27 sales of various shares in February, including the sale of Resideo Technologies shares – which have since fallen by more than 50%.

In the same period, only two equity purchases were made by the Loefflers, with investments of between $ 100,000 and $ 250,000 in Citrix – a company that provides technologies for distributed workplace solutions.

Citrix’s website states that the company is “committed to providing the support you need to keep your employees safe and carry out operations during the COVID-19 pandemic.”

Despite stock transactions, Loeffler has consistently sought confidence in the United States. economy when the coronavirus pandemic has worsened.

In response to the public backlash for the share sales, Loeffler tweeted, “As confirmed in the periodic transaction report to the Senate Ethics, I was notified of these purchases and sales on February 16, 2020 – three weeks after they were made.” She added:

“This is a ridiculous and groundless attack. I don’t make investment decisions for my portfolio. Investment decisions are made by multiple outside advisors without the knowledge or involvement of my or my husband. “

However, Loeffler’s tweets seem to have done little to appease the audience, as Twitter user “DTBbyTheSea” writes:

Cool cool. I am sure that the $ 250k worth of shares you bought from the company that makes software that allows people to work from home was just a crazy coincidence. “

Loeffler was appointed to the United States Senate in December and described himself as “pro-Second Amendment, pro-military, pro-wall and pro-Trump.”

Senate Chairman of the Senate Intelligence Committee, Senator Richard Burr (R-NC), has also been criticized for allegedly selling a large number of stocks ahead of the markets’ violent reaction to the corona virus.

On Feb. 13, Burr is said to have sold between $ 580,000 and $ 1.56 million in shares in nearly 30 transactions.

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Comments: 0Audience: 3385Registration: 11-07-2018

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