US Senate panel head steps aside amid virus insider-trading probe | Malay Mail

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WASHINGTON, May 15 — Republican Senator Richard Burr, chairman of the powerful US Senate Intelligence Committee, stepped down yesterday after the FBI seized his cellphone in a probe of alleged insider stock trading tied to the coronavirus pandemic. Burr said he informed Senate Majority Leader...

Senate Intelligence Committee Chairman Richard Burr listens as Twitter CEO Jack Dorsey and Facebook COO Sheryl Sandberg testify before a Senate Intelligence Committee hearing in Washington, September 5, 2018. — Reuters pic

“The work the Intelligence Committee and its members do is too important to risk hindering in any way,” Burr said in a statement. But on February 13 the senator and his wife suddenly sold off between US$628,000 and US$1.7 million in stocks, the ProPublica media group revealed in March, citing financial filings.

Burr, who receives much of the same intelligence as the White House, clearly had a different private view of the threat than the government’s public stance. “There’s one thing that I can tell you about this: It is much more aggressive in its transmission than anything that we have seen in recent history,” he said.An FBI investigation of a senior senator is rare and would have been approved at the highest levels of the Justice Department, legal specialists say.

But his stock sales sparked outrage as millions of investors saw their shares plummet after the pandemic forced a shutdown of much of the global economy.

 

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