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posted by martyb on Monday May 18 2020, @10:56PM   Printer-friendly

Apple Issued Warrant by FBI to Provide Access to iCloud Account for Sen. Richard Burr for Stock Sales Investigation

FBI recently obtained iCloud data access from Apple for Senator Richard Burr, as part of an on-going investigation regarding stock sales.

Richard Burr is under investigation for selling his stock portfolio while he was receiving updates from government health officials regarding coronavirus pandemic. The timing of his stock sales preceded the sharp decline in the stock market, just a week later. He had heavily invested in businesses that suffered the most due to the pandemic.

[...] Burr sold between $628,000 and $1.72 million worth of stocks. He was not the only senator to do so, as a few others are also under investigation. His brother in law also sold his shares worth between $97,000 and $280,000, on the same day as Burr's sell-off.

It is against the law for lawmakers to make trading decisions based on classified intelligence briefings that they receive due to their position in the government.

Also at 9to5Mac.

Previously: US Rep Chris Collins Resigns Ahead of Insider Trading Plea Involving Australian Biotech Company
This Website Tracks Which Shares US Senators Are Unloading Mid-Pandemic


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  • (Score: 0) by Anonymous Coward on Monday May 18 2020, @11:34PM (7 children)

    by Anonymous Coward on Monday May 18 2020, @11:34PM (#996081)

    This needs to be a non-issue.

    Simplify this by requiring all stocks owned by candidates running for congress either be sold immediately upon filing to run for office, or place the stocks into a trust that isn't allowed to sell them.
    If they aren't elected, and they put the stocks into the trust, the stocks are returned to them.
    If they do get elected, they aren't allowed to buy or sell stocks until one year after leaving office.

    Details could be tweaked such as hold/sell timelines, but basically congress should have to stop doing anything with the stock market. At the very least no buying or selling stocks while in office.

  • (Score: 1) by fustakrakich on Tuesday May 19 2020, @12:06AM (3 children)

    by fustakrakich (6150) on Tuesday May 19 2020, @12:06AM (#996092) Journal

    Simplify this by requiring all stocks owned by candidates running for congress...

    :-) You know who writes the law, right?

    --
    La politica e i criminali sono la stessa cosa..
    • (Score: 4, Touché) by Anonymous Coward on Tuesday May 19 2020, @12:09AM (2 children)

      by Anonymous Coward on Tuesday May 19 2020, @12:09AM (#996094)

      》 You know who writes the law, right?

      Corporations and lobbyists.

      • (Score: 1) by fustakrakich on Tuesday May 19 2020, @12:13AM (1 child)

        by fustakrakich (6150) on Tuesday May 19 2020, @12:13AM (#996096) Journal

        They still have to be rubber stamped by elected officials. Money alone does nothing. And reelection just makes the fraud consensual.

        --
        La politica e i criminali sono la stessa cosa..
  • (Score: 5, Insightful) by Mykl on Tuesday May 19 2020, @12:11AM

    by Mykl (1112) on Tuesday May 19 2020, @12:11AM (#996095)

    Sell the lot.

    There's still the potential for conflict-of-interest if you have a pile of stock that you know will be influenced by a decision you make while in office, albeit on a longer-term scale. A great example of this is the bank bailout during the GFC. The long-term stock price position of the banks was significantly influenced by the decision to bail them out.

  • (Score: 2, Informative) by Anonymous Coward on Tuesday May 19 2020, @02:25AM

    by Anonymous Coward on Tuesday May 19 2020, @02:25AM (#996136)

    Insider trading is legal for congress: https://investmentu.com/why-congressional-insider-trading-legal-profitable/ [investmentu.com]

  • (Score: 0) by Anonymous Coward on Tuesday May 19 2020, @05:51AM

    by Anonymous Coward on Tuesday May 19 2020, @05:51AM (#996192)

    Umm, and their spouses, parents, children, brother-in-law, ....

    Every great plan has a hole...