DOJ Drops Insider Trading Investigations into Three Senators

AP Photo/Jacquelyn Martin

The Department of Justice (DOJ) on Tuesday dropped investigations into allegations that three senators engaged in insider trading before the coronavirus stock market turmoil.

DOJ prosecutors announced that they have closed the insider trading investigations against  Sens. Kelly Loeffler (R-GA), James Inhofe (R-OK), and Dianne Feinstein (D-CA). However, the Justice Department will continue the investigation against Sen. Richard Burr (R-NC).

Burr recently stepped down as the Senate Intelligence Committee chairman. He reportedly sold between $628,000 and $1.7 million in a single day in February. Sen. Marco Rubio (R-FL) now serves as the acting Intelligence chairman. Burr reportedly had more direct involvement in his trades compared to the other senators.

The Federal Bureau of Investigation (FBI) began the investigation after reports suggested that members of Congress, their spouses, or their investment advisers sold hundreds of thousands of shares of stock after lawmakers were briefed about the threats posed by the coronavirus.

Feinstein, Loffler, and Inhofe have contended that their investment advisers made the trades and that they did not learn of them until after the fact.

Loeffler, who is running for reelection in a jungle primary against Rep. Doug Collins (R-GA), said that the closure of the investigation serves as a “clear exoneration” of Loeffler.

Stephen Lawson, a spokesperson for Loeffler, said in a statement on Tuesday:

Today’s clear exoneration by the Department of Justice affirms what Senator Loeffler has said all along– she did nothing wrong. This was a politically-motivated attack shamelessly promoted by the fake news media and her political opponents.
Loeffler announced in April that she and her husband Jeffrey Sprecher, the chairman of the New York Stock Exchange, would divest from individual stocks after facing criticism for her alleged insider trading.
“Senator Loeffler will continue to focus her full attention on delivering results for Georgians,” Lawson added.

Sean Moran is a congressional reporter for Breitbart News. Follow him on Twitter @SeanMoran3.


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