US senators dumped stock before coronavirus crash, prompting accusations of insider trading
- Richard Burr and Kelly Loeffler sold as much as US$1.7 million and US$3.1 million in shares respectively before markets collapsed amid pandemic fears
- Loeffler, one of the wealthiest US lawmakers, is married to chairman of New York Stock Exchange
An independent watchdog demanded an investigation on Friday after two Republican senators aware of the looming coronavirus disaster dumped their stocks even as the White House played down the threat.
Senator Richard Burr, the powerful chair of the Senate Intelligence Committee, and Congress newcomer Kelly Loeffler both faced criticism over their investment sell-offs, weeks before US stock markets collapsed.
Burr, who receives almost daily briefings from the US intelligence community on threats to the country, sold as much as US$1.7 million worth of shares on February 13.
Loeffler’s investments manager sold as much as US$3.1 million in shares between late January and February 14, official documents show. Loeffler, one of the wealthiest US lawmakers, is a member of the Senate Health Committee. Her husband is chairman of the New York Stock Exchange.
Critics accuse both of acting on inside information about the Covid-19 virus threat.