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DOJ Closes Insider Trading Investigations Into Three Senators, Keeps Burr Probe Going

DOJ Closes Insider Trading Investigations Into Three Senators, Keeps Burr Probe Going

The Department of Justice is closing investigations into three US senators accused of trading stocks based on privileged coronavirus briefings right before the market tanked due to pandemic, however a fourth investigation into Sen. Richard Burr will continue, according to the Journal, citing people familiar with the matter.

Defense attorneys for Republican Senators James Inhofe (OK) and Kelly Loeffler (GA), as well as Democrat Dianne Feinstein (CA) were notified by prosecutors on Tuesday that they are closing investigations into their trades.

All of the lawmakers denied wrongdoing – with Inhofe and Loeffler saying their financial advisers made the trades which they had no knowledge of until after the fact.

The FBI began investigating the trades two months ago after lawmakers learned of the threat of coronavirus during closed-door briefings. In some cases, the trades saved lawmakers up to hundreds of thousands of dollars in losses as stocks tanked into mid-March.

Burr, meanwhile, has temporarily stepped down as Chairman of the Senate Intelligence Committee. The FBI seized the cell phone of the North Carolina Republican, who had more of a direct involvement in his trades.

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