The DOJ has closed investigations into stock sales made by Sens. Feinstein, Loeffler and Inhofe shortly before financial markets tanked, an individual familiar with the matter told NPR. The investigation into Sen. Burr remains open.
A spokesperson for Loeffler called the news a"clear exoneration" that"affirms what Senator Loeffler has said all along—she did nothing wrong."Burr's trades, which were worth up to $1.7 million, have drawn the most scrutiny, and he remains under investigation.
The FBI executed a search warrant for his cellphone earlier this month — a major step in the probe. It meant investigators were able to show a federal judge probable cause that a crime had been committed and that there was likely evidence of that crime on Burr's phone. The decision to seek a warrant was approved at the highest levels of the Justice Department given the sensitivities involved in an investigation into a sitting senator.Burr has denied any wrongdoing and says he is cooperating with the investigation.
Burr has said he based his trading decisions off public reports about the effects of the coronavirus inside China, where it originated, and not information to which he was privy because of his position. Still, he announced earlier this month he would step aside as chairman of the Senate Intelligence Committee until the investigation concludes.
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DOJ Drops Coronavirus Insider Trading Probe Into 3 Senators, But Will Keep Investigating BurrI’m a San Francisco-based reporter covering breaking news at Forbes. I’ve previously reported for USA Today, Business Insider, The San Francisco Business Times and San Jose Inside. I studied journalism at Syracuse University’s S.I. Newhouse School of Public Communications and was an editor at The Daily Orange, the university’s independent student newspaper. Follow me on Twitter rachsandl or shoot me an email rsandlerforbes.com.
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