David Perdue: New York Times reports Justice Department probed Georgia senator’s stock sales at beginning of pandemic

The inquiry appeared at Perdue’s sale of greater than $1 million value of stock in Cardlytics, a monetary firm he as soon as served as a board member of, within the spring forward of the financial slowdown fueled by the coronavirus pandemic, the newspaper reported. Weeks after promoting the stock, the corporate’s stock worth dropped and ended up at $29. Perdue then purchased again parts of the stock he offered, which are actually buying and selling at $120 a share, in keeping with the Times. Citing 4 folks with information of the case, the newspaper reported that investigators have been reviewing Perdue’s buying and selling for “possible evidence of insider trading.”

Scott Grimes, co-founder and CEO of Cardlytics at the time, despatched an electronic mail to Perdue two days earlier than the stock sale that talked about “upcoming changes.” According to the Times, investigators concluded it “contained no meaningful nonpublic information and declined to pursue charges, closing the case this summer.”

In a press release to CNN, Casey Black, a spokesperson for Perdue, stated, “Separate reviews by the Department of Justice, the Securities & Exchange Commission, and the bipartisan Senate Ethics Committee each quickly and independently cleared Senator Perdue of any wrongdoing.

“Senator Perdue has at all times adopted the regulation,” Black said in the statement.

CNN reached out to the Justice Department for comment Thursday.

Democrat Jon Ossoff, who will face Perdue in a runoff election in January, has criticized his opponent over the alleged stock sales, contending that the Republican declined to debate him in October over the incident. During an interview with CNN’s Kate Bolduan Wednesday night, Ossoff called Perdue “a criminal who abused his workplace to complement himself.”

Congress passed the Stock Act in 2012, which made it illegal for lawmakers to use inside information for financial benefit. Under insider trading laws, prosecutors would need to prove the lawmakers traded based on material non-public information they received in violation of a duty to keep it confidential.

Other members of Congress have faced scrutiny over whether they sought to profit from the information they obtained in non-public briefings about the coronavirus pandemic. Earlier this year, investigators began examining stock trades by North Carolina Sen. Richard Burr. Georgia Sen. Kelly Loeffler, a Republican who is also facing a runoff election in January, and her husband sold 27 stocks valued between $1.275 million and $3.1 million from January 24 through February 14, according to Senate records. Investigators probed her stock sales but closed the investigation and Loeffler has maintained she did nothing wrong. The Justice Department also closed it’s investigation into stock sales by Sens. Jim Inhofe, an Oklahoma Republican, and Dianne Feinstein, a California Democrat.

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