A US Securities and Exchange Commission insider trading investigation into stock trades made by Sen. Richard Burr and his brother-in-law at the outset of the pandemic remains open, the SEC said in court filings made public this week.
Burr, a North Carolina Republican, sold $1.65 million in stock on February 13, 2020, the court filings revealed. The sales included tens of thousands of dollars in stock in the hospitality industry, which was particularly hard hit in coronavirus outbreak. A Justice Department investigation into the trades was launched in March last year, soon after questionably timed trades by Burr and other lawmakers became publicly known.
" Neither Fauth's attorney, nor an attorney for Burr or his Senate office responded to CNN's inquiry about the filings. The judge overseeing the subpoena dispute, which was filed in the Southern District of New York, has ordered a hearing for Friday. According to a filing in the dispute from Fauth's lawyer, after learning the Justice Department investigation had closed, Fauth's lawyer did not hear from the SEC until March 12 of this year.
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Sen. Burr under investigation again for pandemic stock salesNorth Carolina Sen. Richard Burr and his brother-in-law are being investigated by the Securities and Exchange Commission for potential insider trading, a case that stems from their abrupt sales of financial holdings during the early days of the coronavirus pandemic, according to recent federal court filings. Burr, a Republican, is among several lawmakers from both parties who faced outrage over their aggressive trading in early 2020, before the economic threat from the virus was widely known. Burr was previously investigated by the Trump administration's Justice Department for offloading $1.6 million from his portfolio in January and February 2020.
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