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“Tonight the Department of Justice informed me that it had completed its review of my personal financial transactions made early last year,” Burr said in a statement. “The matter is now closed. I am glad to hear it. My goal has been and will continue to work for the people of North Carolina during this difficult time for our nation.”
CNN reported last year that Burr was the subject of an investigation by the Department of Justice, which was examining the stock transactions he made prior to the sharp drop in the market caused by concerns about the coronavirus.
He turned over his official Senate phone to the FBI after a warrant was issued, an official confirmed to CNN at the time. The use of the warrant had been signed at the highest levels of the justice ministry, as was the protocol, according to the source.
The Senate-issued cell phone was Burr’s primary device, and investigators had asked Apple for information about Burr’s iCloud backup, according to a person familiar with the investigation.
The Justice Department has now closed all of its insider trading investigations against members of Congress.
Four members were investigated: former Georgia GOP Senators David Perdue and Kelly Loeffler, California Democratic Senator Dianne Feinstein and now Burr.
Burr has consistently denied any wrongdoing, claiming that he conducted the transactions solely on the basis of public information, not information he received from the committee, and he asked the Senate Ethics Committee to review sales after they have been made public.
Still, it has faced persistent public scrutiny of its sales – which were a significant portion of its stock portfolio, according to its latest Senate financial disclosure documents filed in May 2019, although exact numbers are not possible. because lawmakers report transactions only as a range of dollar values.
Congress passed the Stock Act in 2012, which made it illegal for lawmakers to use inside information for financial gain. Under insider trading laws, prosecutors would have had to prove that lawmakers negotiated on the basis of material non-public information they received in violation of their duty to keep it confidential.
Additionally, CNN reported last year that Burr’s brother-in-law, Gerald Fauth, sold half a dozen shares for up to $ 280,000 on the same day in February as Burr.
This is a breaking story and will be updated.
CNN’s Manu Raju contributed to this report.
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