U.S. Senate candidate Cheri Beasley's ad glosses over the fact that 70 members of Congress are accused for filing late stock trade reports — not insider trading.
, meanwhile, reported that Manning was late in filing several dozen stock trades that, combined, could be worth up to $1.25 million. In a statement to PolitiFact, Manning’s office said the congresswoman’s financial investments are handled by third-party investment managers"with no input or direction by her or her husband.
Others on the Business Insider list were days or weeks late reporting on smaller transactions, sometimes made by a spouse or child dependent. U.S. Sen. Sheldon Whitehouse, D-R.I., was only a couple of days late disclosing purchases of Target Corp. and Tesla Inc. stock earlier this year. A Whitehouse spokesperson told PolitiFact that Whitehouse’s transactions are made by a manager and that the report was late"due to a staff transition in the office." Rep. Ed Perlmutter, D-Colo.
Harvey Pitt, the former chairman of the U.S. Securities and Exchange Commission, which regulates the stock market, said the law is clear:"If there’s a deadline, you’re required to meet it. Period," said Pitt, who is now chief executive of compliance consultancy Kalorama Partners LLC."When I see a lot of people in Congress filing late, I see that as sloppy but not necessarily a hanging offense," Pitt said.
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PolitiFact - Beasley ad half right about STOCK Act violationsU.S. Senate candidate Cheri Beasley's ad glosses over the fact that 70 members of Congress are accused for filing late stock trade reports — not insider trading.
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