The Justice Department is probing a series of stock transactions made by at least one senator ahead of the market tumble caused by the coronavirus pandemic, according to a report Monday.
The department along with the Securities and Exchange Commission is looking into the stock transactions by Sen. Richard Burr, North Carolina Republican, CNN reported.
It is not unusual for the FBI and SEC to investigate stock sales when there is heightened public scrutiny of the deals, CNN said.
A lawyer for Mr. Burr told CNN that the senator “welcomes a thorough review of the facts in this matter, which will establish his actions were appropriate.”
Mr. Burr was receiving daily briefings on the spread of the coronavirus around the same time he dumped roughly $1.7 million of stock on Feb. 13, a week before the coronavirus panic sent markets south, ProPublica reported.
Mr. Burr chairs the Senate Intelligence Committee. At least three other senators are under scrutiny for also selling stock ahead of the economic downtown caused by the coronavirus.
Copyright © 2021 The Washington Times, LLC.