Loeffler reports more stock sales, denies wrongdoing

[Judi Lynn]

POLITICS April 01, 2020
By Tia Mitchell Chris Joyner, The Atlanta Journal-Constitution

Senator says adviser made decisions as outbreak unfolded.
U.S. Sen. Kelly Loeffler’s most recent financial disclosures show that millions of dollars in stocks were sold on her behalf at the same time Congress was dealing with the impact of the coronavirus.

The largest transactions — and the most politically problematic — involve $18.7 million in sales of Intercontinental Exchange stock in three separate deals dated Feb. 26 and March 11. Loeffler is a former executive with ICE, and her husband, Jeff Sprecher, is the CEO of the company, which owns the New York Stock Exchange among other financial marketplaces.

During the same time period reflected on reports filed late Tuesday, the couple also sold shares in retail stores such as Lululemon and T.J. Maxx and invested in a company that makes COVID-19 protective garments. The Atlanta Journal-Constitution got the first look at these reports, covering mid-February through mid-March and shedding new light on Loeffler’s financial transactions during the pandemic. Previous reports — which have put Loeffler in the national spotlight — covered her trading during the first six weeks of 2020.

. . .

The newer stock sales came as the broader markets were diving, and they are likely to fuel allegations that Georgia’s new senator used her insider knowledge about the severity of the pandemic to dump holdings while simultaneously releasing statements about the strength of the American economy and complimenting President Donald Trump on his response. The STOCK Act, a law that went into effect in 2012, makes it illegal for senators to use inside information for financial gain.

More:
https://www.ajc.com/news/state--regional-govt--politics/loeffler-reports-more-stock-sales-denies-wrongdoing/YFPDT3pChO873nuzNKa44K/

[flotsam]

1. "Senator says adviser made decisions as outbreak unfolded."

Which means that it is likely that the adviser engaged in insider trading and she revealed classified information.