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.
Inside Information
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’s Counter
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
-
`
How This Trendy Lifestyle Can Help Business Owners Create Better Workspaces
In a world seemingly ruled by consumption, an alternative lifestyle that promotes the total opposite has emerged. Today, minimalism is no longer just an...
June 6, 2023 -
`
How Busy Entrepreneurs Can Find a Healthy Balance Between Personal and Work Life
Entrepreneurs are known to wear multiple hats. Building a business from the ground up on their own, they need to be...
May 11, 2023 -
`
How to Improve Your Sleep Quality: Simple Tips for Better Sleep
Sleep is essential for our physical and mental health, yet many of us struggle to get a good night’s rest. Whether...
April 28, 2023 -
`
Find Out Which Family Guy Cast Members Has Earned The Most Throughout the Years
Movie stars may get all the glory but television has slowly but surely become a lucrative gig for many actors and...
April 7, 2023 -
`
How This 2nd Generation Immigrant Entrepreneur Landed a Business Deal with a Billionaire
Immigrants and their children often have to work harder than to prove themselves and achieve the same level of success that...
April 5, 2023 -
`
Entrepreneurs Can Create More Genuine Business Connections with This One Social Interaction Trick
Succeeding as an entrepreneur involves just as much about networking as much as behind the scenes work. Meeting and making connections...
April 1, 2023 -
`
This Man Made Billions from Coronavirus Crash But He Might Get in Trouble for It
A lot of investors are currently dealing with the aftermath of the coronavirus panic’s impact on the stock market. Both small...
March 17, 2023 -
`
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...
February 18, 2023 -
`
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...
February 18, 2023
You must be logged in to post a comment Login