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January 19, 2022

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Republican In Trouble For Insider Trading Scheme?

2 min read

Sen. Richard Burr dumped $1.6 million of stock after a coronavirus briefing in early 2020 and then called his brother-in-law and told him to do the same. John Iadarola and Nina Turner break it down on The Damage Report.

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Read more here: https://www.propublica.org/article/burrs-brother-in-law-called-stock-broker-one-minute-after-getting-off-phone-with-senator

"After Sen. Richard Burr of North Carolina dumped more than $1.6 million in stocks in February 2020 a week before the coronavirus market crash, he called his brother-in-law, according to a new Securities and Exchange Commission filing.

They talked for 50 seconds.

Burr, according to the SEC, had material nonpublic information regarding the incoming economic impact of coronavirus.

The very next minute, Burr’s brother-in-law, Gerald Fauth, called his broker.

ProPublica previously reported that Fauth, a member of the National Mediation Board, had dumped stock the same day Burr did. But it was previously unknown that Burr and Fauth spoke that day, and that their contact came just before Fauth began the process of dumping stock himself.

The revelations come as part of an effort by the SEC to force Fauth to comply with a subpoena that the agency said he has stonewalled for more than a year, and which was filed not long after ProPublica’s story.”

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