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
Looking to Kick Off An Antique Store? Here are 4 Tips You Should Know
The demand for antique stores soars as we enter into the new year, 2022. From January 2022, market demand for antique shops has...March 27, 2022
After Enormous Renovations, Popular Actress Reese Witherspoon’s L.A Mansion is Up for Sale for $25 Million
In 2019, the Big Little Lies star Reese Witherspoon settled in a lavishly designed mansion in Los Angeles. Together with her...March 10, 2022
The Important Life Lessons Millionaires Wish They Knew When They were Young
Knowing what you know now, don’t you just wish you can go back in time to give your younger self some...March 10, 2022
Spanx CEO Is Saving Brides’ Special Day By Lending Them Her Own Wedding Dress!
Sara Blakely has been helping lots of women and brides around the world to fit into their clothes and feel better about...March 2, 2022
How to Know if You Have Psoriatic Arthritis Or Rheumatoid Arthritis?
Joint pains are troublesome and complex. Do you feel unexplainable and exhausting joint pain? Well, before you panic and look for a...March 1, 2022
How & Why The Name “William” Was Chosen For Prince Charles and Princess Diana’s First Son
It’s rightly said that a person’s name has a significant impact on his character. Perhaps that’s why Prince Charles and Princess...February 23, 2022
How To Get The Most Out Of Your Credit Card Rewards
Do you want to make the most of your credit card rewards this year? You can easily do so just by...February 14, 2022
4 Quick Ways To Build A Wealthier Empire Quicker
Staying motivated: To be successful, you must be motivated and stay focused on your goal. Motivation guides you to make the...January 27, 2022
Oprah Winfrey Once Received a Shockingly Low Salary for a Steven Spielberg Film
Oprah Winfrey is a highly successful talk show host. But apart from this, many do not know that she is also...January 27, 2022
You must be logged in to post a comment Login