Public disclosures first investigated by ProPublica show the senator sold more than 30 stocks between late January and mid-February. Some of the stocks were in sectors…
Senator Richard Burr is stepping down as chairman of the Intelligence Committee, following the seizure of his cellphone by FBI agents as part of a criminal investigation into his stock sales during the early weeks of the coronavirus pandemic, as reported by CNBC.
The senator, who denies wrongdoing, allegedly used inside information to avoid market losses from coronavirus.
He and his wife sold as much as $1.7m of equities in February, just before markets plunged, on fears of an economic crisis.
It is illegal for members of Congress to trade based on non-public information gathered during their official duties.
“We agreed that this decision would be in the best interests of the committee and will be effective at the end of the day tomorrow.
