Wealthiest U.S. Congressmen Did Something Suspicious Before the Stockmarket Crash and People Are Livid
The general public may have only had a vague idea of who Kelly Loeffler is a couple of weeks ago. But they’re now learning more about the senator as some of her recent financial decisions have come to scrutiny.
Suspicious Financial Decision
As some may already know, Loeffler is said to be the richest person in the United States Congress. The Georgia senator reportedly has a net worth of half a billion dollars. And now, she’s receiving backlash after allegations of her involvement in insider trading activities with other of her fellow senators.
She is being accused of selling off millions worth of stocks ahead of the market crash that recently happened on March 9, which in turn resulted from the panic brought by the coronavirus pandemic. In total, the 49-year-old Republican politician unloaded $3.1 million of stocks.
Aside from her seat in Congress, Loeffler is known for being the CEO of the Intercontinental Exchange subsidiary Bakkt in 2018. She became the junior senator for the state of Georgia in 2020.
According to sources, Loeffler might have gotten a private briefing warning her about the possible negative impacts that the coronavirus may have on the economy ahead of it actually doing damage in the American stock market. The senator received this potentially classified information back in mid-February.
This resulted in her or her financial representatives being able to avoid losses by selling companies that may be affected negatively by the pandemic and buying stocks from companies that might be impacted positively.
As filings reveal, Loeffler sold her shares from T.J. Maxx, a retail chain, to buy shares from businesses that manufacture protective garments and equipment that may be used when dealing with the ongoing coronavirus pandemic.
Should it be proven that she used insider information to make these decisions, the act would be a violation of laws barring Congress members from profiting from stock market trades due to their position.
Loeffler has since denied these allegations in an interview with Fox News. Emphasizing how she had a third-party person making her financial instructions, she said that the trades were done by her handlers but didn’t involve her directly at all. The same arrangement worked for her when she was still in the private sector, Loeffler said.
More in Wealth
Controversial Rowing Photos Lori Loughlin Used In College Admission Bribery Scheme Finally Revealed!
Among the most talked-about aspects of actress Lori Loughlin’s alleged bribing of college officials for her daughters’ admission to the University...April 18, 2020
5 Ways Your Body Is Warning You About a Potentially Toxic Relationship
Being in tune with one’s own body won’t just help people catch illnesses early on. It can also warn a person...April 18, 2020
Skip Your Next Trip to the Salon with These Genius At-Home Beauty Treatments
While being unable to leave one’s home for an extended period of time due to a pandemic isn’t ideal, one can...April 18, 2020
After Megxit, This Couple Could Replace Meghan and Harry in Their Former Royal Roles
The British wouldn’t be the only ones to miss Prince Harry and Meghan Markle as they officially leave their post as...April 18, 2020
All the Adorable Reasons That Make John Krasinski and Emily Blunt #CoupleGoals
In a place where relationships and marriages seem to end in a blink of an eye, actors Emily Blunt and John...April 18, 2020
Jennifer Aniston & Jimmy Kimmel Just Did the Nicest Thing for a COVID-19 Positive Nurse
With the continued onslaught of the coronavirus pandemic, people are finally realizing just how indispensable and underappreciated the professionals working at...April 18, 2020
Joe Exotic Is Going All In! Here’s How He’s Making Millions from New-Found Fame
Joe Exotic is best known for being the main subject of the hit Netflix crime documentary show, ‘Tiger King: Murder, Mayhem and...April 18, 2020
Tom Brady Is Packing His Bags and Moving to a Different House, But It Looks Awfully Familiar
It looks like the world of professional sports is just as small as Hollywood. News has it that NFL star Tom...April 18, 2020
Zac Efron Once Met Leonardo DiCaprio at a Basketball Game and You’ll Never Guess What Happened Next
Hollywood is truly a small world. Celebrities often end up being friends with their fellow stars, what with them moving in...April 18, 2020