The FBI reportedly seized Burr’s phone following allegations he engaged in insider trading using coronavirus intel he gleaned from Senate briefings
Photo: Getty Images Prior to this week, the primary repercussions Republican Senator Richard Burr faced in the wake of allegations of unlawful insider trading involved his standing in his home state of North Carolina. According to one poll, half of his constituents encouraged him to resign following his decision on February 13 to trade up to $1.
According to a report from the Los Angeles Times, Burr could soon find himself in legal trouble over his pre-pandemic sale, almost two months after it first became public. The senator has reportedly handed over his phone to FBI agents after he was served a search warrant for an investigation into his stock sales at his residence in Washington, D.C.
The ordeal began on March 20, when ProPublica reported that on February 13, Burr sold between $628,000 and $1.72 million in over 30 transactions. Prior to the sale, he was privy to daily coronavirus briefings as chairman of the Senate Intelligence Committee, which likely informed him of the threat to come. While Burr was publicly espousing confidence that the U.S.
If the investigation concludes that Burr did act on privileged information gleaned from his role on the Senate Intelligence and health committees, his sale would violate the 2012 STOCK Act, which prohibits lawmakers from using intelligence briefings to influence their market choices. Burr was one of three senators who voted against the law, which still allows lawmakers to own stock in industries they oversee.
Though Burr was the only senator named in a reported DOJ prob into lawmakers stock sales prior to the pandemic, Georgia Senator Kelly Loeffler is also facing significant criticism — and electoral trouble — for her decision to dump stocks while publicly announcing that “the consumer is strong, the economy is strong.”
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