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Michigan electoral challenger Patrick Colbeck discusses electoral irregularities through automatic voting.
Stock trading by wealthy Sen. David Perdue, R-Ga., Raised the Justice Department’s eyebrows this spring, after discovering an email suggesting he had been informed of “upcoming changes” within of a company two days before a major stock sale.
The DOJ investigation, which was reported by The New York Times, focused on Perdue’s impeccably timed sale of $ 1-5 million of Cardlytics shares to $ 86 per share before plunging in late January, so that the coronavirus pandemic was starting to take hold across the world, according to revelations from Congress.
THE AMERICAN ECONOMY GROWS AT A RECORD OF 33.1%, ACCORDING TO THE SECOND ESTIMATION
Cardlytics, an Atlanta-based financial technology company,
The Managing Director of Cardlytics, where Perdue was a former board member, Scott Grimes had emailed Perdue a few days earlier with a vague message.
Weeks later in March, after the company’s shares plunged again after an unexpected management shake and lower than expected earnings, Perdue bought back the stock for $ 30 a share, investing between 200,000 and 500,000. $.
Those stocks have now quadrupled in value, closing at $ 121 a share on Tuesday.
The DOJ ultimately concluded that the email contained no significant non-public information and declined to prosecute, closing the case this summer, according to the NYT.
NEWS ON EXCHANGES WITH CAUTION AFTER THE DAY OF REGISTRATIONS
Still, stock trading has been a flashpoint for Democratic opponent Jon Ossoff – especially as Perdue is set to defend his seat in a closely watched Georgia casting race in January.
Ossoff used the question to pit Perdue against voters struggling under the financial and health risks posed by COVID-19 and portray the outgoing senator as a “con artist.”
It is illegal to use non-public information obtained as a company insider or congressman to make investment decisions, but the Perdue camp has denied any wrongdoing regarding the tech stocks. financial.
“The bipartisan Senate Ethics Committee, DOJ and SEC all independently and quickly cleared Senator Perdue months ago, which has been reported,” Perdue spokesman John Burke said, according to the report. the Associated Press.
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The Associated Press contributed to this report.
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