FBI seizes Sen. Richard Burr’s cellphone after serving search warrant, report says
Federal agents on Wednesday served a search warrant to Sen. Richard Burr, R-N.C., at his Washington-area home in part of the government’s #investigation into his stock sales that were made early in the coronavirus outbreak, according to a report.
Suspicions arose last month after it was revealed that several senators dumped stocks prior to the coronavirus pandemic taking hold of the global economy. The FBI reportedly reached out to Burr, the Senate Intelligence Committee chairman, to discuss the sale of as much as $1.7 million in stocks.
Senate records indicate that Burr and his wife sold between roughly $600,000 and $1.7 million in more than 30 transactions in late January and mid-February, just before the market began to nosedive and government health officials began to sound alarms about the virus. Several of the stocks were in companies that own hotels.
Burr — who sat in on early briefings on the virus — has acknowledged selling the stocks because of the coronavirus but said he relied “solely on public news reports,” specifically CNBC’s daily health and science reporting out of Asia.
It is called #insiders-information/trading; making it #illegal for anyone to make stock #transactions based on #confidential-insider-information.
It is hard to believe, BUTT at one time in the 1930’s and prior, it was legal for congress to have and use insiders information. Until someone woke up and put the breaks on them. The practice has long been shit-canned. BUTTTTT ……
The Stop Trading on Congressional Knowledge (STOCK) Act prohibits members and employees of Congress from using “any nonpublic information derived from the individual’s position … or gained from performance of the individual’s duties, for personal benefit”.
1934 Congress did not formally ban insider trading until 1934, when the first law on the topic was included in the Securities Exchange Act. Section 16(b) of that act forbids insiders from both buying and selling corporate stock within the same six-month period.
Before that STOCK law was passed; the #MOTHERS made #billion$ of dollar$ doing their backdoor selling and buying of stocks with the help of insiders information. .
EXAMPLE – wanna talk about #privileged information; holy shit!!!: This practice can be compared to a person having the winner of a horse race before the nags get out of the gate. How sweet is that. Impossible to lose. It is no wonder everyone and their mother wanted to get elected to congress.
In this case, Burr had to have some prior knowledge that Mr Corona was coming to town, so he and his bride bailed out early to protect their $oldi (investment).
My question is; how did Richie know Mr. Corona was coming to visit before it was announced? Was he in bed with Charlie Chan too??
For the #late-bloomers who don’t know who Charlie Chan is. He was a #well-known, popular (fictitious) Chinese detective with a series on TV in the last 50’s.