Burr Called His Brother-in-Law Before Stock Dump

[babylonsister]

https://politicalwire.com/2021/10/28/burr-called-his-brother-in-law-before-stock-dump/

Burr Called His Brother-in-Law Before Stock Dump
October 28, 2021 at 12:43 pm EDT By Taegan Goddard

“After Sen. Richard Burr (R-NC) dumped more than $1.6 million in stocks in February 2020 a week before the coronavirus market crash, he called his brother-in-law,” ProPublica reports.

“They talked for 50 seconds. Burr, according to the SEC, had material nonpublic information regarding the incoming economic impact of coronavirus.”

“The very next minute, Burr’s brother-in-law, Gerald Fauth, called his broker” and “dumped stock the same day Burr did.”

[Nevilledog]

1. Here's the ProPublica article

Link to tweet

https://www.propublica.org/article/burrs-brother-in-law-called-stock-broker-one-minute-after-getting-off-phone-with-senator

[louis-t]

6. And they'll both get away with it.

[cstanleytech]

18. Burr might but his brother might not. nt

[Claire Oh Nette]

2. Insider Trading

Both of them.

They locked up Martha Stewart for far less.

Burr chose to profit for himself rather than protect and inform his constituents. No wonder he's not running again.

[Grasswire2]

4. technically...

Martha Stewart went to prison for lying to the FBI.

But yes. That was far less than actively seeking insider trading for himself and for a family member.

Might be time to look at his other stock transactions and those of his family.

[spanone]

3. Lock. Him. Up.

[Grasswire2]

5. nt

[spanone]

7. It's blatantly illegal.

https://en.wikipedia.org/wiki/STOCK_Act

[Hugh_Lebowski]

15. Technically, yes, in practice in terms of prosecution ... not as much

https://www.forbes.com/sites/insider/2020/05/26/how-senators-may-have-avoided-insider-trading-charges/?sh=7daa0e4327ba

Burr might skate due to overriding constitutional privileges for lawmakers, but his BIL almost certainly will not.

[CurtEastPoint]

9. Right, just like they did Basketball Bambi Wonky Eye Loeffler

[Traildogbob]

17. More of North Carolina's finest.

Burr, Tillis, Meadows, Cawthorn. I know there are more, these are some headliners. Hard to sit here and criticize the criminals in Florida and Texas. The floods, caravans, of Florida tourists and summer home owners, are bringing the stench of Florida corruption here knowing the gun humping mouth breathing brain dead, extremely low IQ natives, will attach their lips right on their asses. And these locals, HATE Floridiots. Their million dollar play houses skyrocket the taxes on their homes with wheels. Not to mention ripping the mountain tops and slopes up for those play homes. But, I guess the fortunes they make mowing the lawns of the privileged multi millionaire white Floridians make it all good. All Trump lovers. Richest and poorest, hand in hand.

[ms liberty]

32. As a native and resident of NC, who grew up in Fla, I find much of what you say here insulting.

If you hate living amongst all of us "mouth breathing brain dead, extremely low IQ natives" perhaps you should find a state to live in that's more compatible with your tastes.

[geardaddy]

23. +1 million

[dsc]

8. We have a Democratic governor here

so if Burr winds up having to resign, welcome our 51st Dem Senator.

[70sEraVet]

21. Thanks for that thought, dsc!

I needed a little pick-me-up.

[questionseverything]

27. The fbi should designate a special prosecutor for these two

N/t

[FakeNoose]

10. We should ask Martha Stewart about the legality of this

Lock them up!

[DanieRains]

11. Good Thing He Wasn't Selling Loosies

You could get in real trouble for that.....

[11 Bravo]

26. Or allegedly passing a fake $20. That shit can get you killed!

(Depending, of course, on one's melanin content.)

[turbinetree]

12. Lock them both up ...... seriously

[Hugh_Lebowski]

13. Interesting article on this subject in Forbes last year

https://www.forbes.com/sites/insider/2020/05/26/how-senators-may-have-avoided-insider-trading-charges/?sh=7daa0e4327ba

The B.I.L. is almost certainly in trouble. Nailing Burr could be tougher.

[bucolic_frolic]

14. Where can the public subscribe to Senate Stock Market Tip Sheet?

I'm figuring $249 a month and they'll clean up with subscriptions

[Champp]

16. Republican grifters are parasites on the US of A

Lowlife Republican grifters suck.

[mahatmakanejeeves]

19. Set the WABAC Machine to May 6, 2020.

Wed May 6, 2020: On the Same Day Sen. Richard Burr Dumped Stock, So Did His Brother-in-Law. Then the Market Crashed.

Source: ProPublica

Sen. Richard Burr was not the only member of his family to sell off a significant portion of his stock holdings in February, ahead of the market crash spurred by coronavirus fears. On the same day Burr sold, his brother-in-law also dumped tens of thousands of dollars worth of shares. The market fell by more than 30% in the subsequent month.

Burr’s brother-in-law, Gerald Fauth, who has a post on the National Mediation Board, sold between $97,000 and $280,000 worth of shares in six companies — including several that have been hit particularly hard in the market swoon and economic downturn.

A person who picked up Fauth’s phone on Wednesday hung up when asked if Fauth and Burr had discussed the sales in advance.

In 2017, President Donald Trump appointed Fauth to the three-person board of the National Mediation Board, a federal agency that facilitates labor-management relations within the nation’s railroad and airline industries. He was previously a lobbyist and president of his own transportation economic consulting firm, G.W. Fauth & Associates.

Read more: https://www.propublica.org/article/burr-family-stock?utm_source=twitter&utm_medium=social#951190

New: The brother-in-law, a Trump appointee, sold between $97,000 and $280,000 worth of stock. Burr is under federal investigation over whether he traded on non-public information gathered through his work in the Senate.

Link to tweet

[Thunderbeast]

20. Did Martha Stewart weigh in?

[NullTuples]

22. Betting pool on whether there will even be an official investigation?

[Fla Dem]

24. Remember Martha Stewart went to jail related to a $230,000 insider stock sale.

Martha Stewart, the founder of Martha Stewart Living Omnimedia, also became embroiled in the scandal after it emerged that her broker, Peter Bacanovic, tipped her off that ImClone was about to drop. In response, Stewart sold about $230,000 in ImClone shares on December 27, 2001, a day before the announcement of the FDA decision. Stewart's involvement would have never come to light had Doug Faneuil, Bacanovic's assistant, not disclosed it to investigators.[1] Although Stewart maintained her innocence, she was found guilty and sentenced on July 16, 2004, to five months in prison, five months of home confinement, and two years' probation for lying about a stock sale, conspiracy, and obstruction of justice.

https://en.wikipedia.org/wiki/ImClone_stock_trading_case

She ended up going to jail not for the stock sale per se, but for lying. She later had to pay $195,000 to settle a civil case with the Securities and Exchange Commission.

In her criminal case, she was found guilty of conspiracy, obstruction of justice and lying to federal investigators in March 2004.

[malaise]

25. Kakistocracy is the only word to decribe the ReTHUG gang of

criminals

[SayItLoud]

28. If anyone doesn't think #TFG made similar calls over the years just check his

call records or burner phone records....Oh wait, that's right there aren't any records.

[bucolic_frolic]

30. Maybe John Barron would know

[Tribetime]

29. It will not end well for Burrr and his brother

[NBachers]

31. Odious Rep. Chris Collins of Buffalo was sent to prison for insider trading on TFGs White House lawn

https://www.nbcnews.com/politics/congress/former-n-y-rep-christopher-collins-sentenced-federal-prison-insider-n1118196

He was later pardoned by The Fucking Goon and his 26 month sentence shortened, but he lost his job as a Representative, and still had to be booked, processed, and serve time.

[Stinky The Clown]

33. IOKIYAR

[sarcasmo]

34. Insider trading. Different set of rules for RePukes.

[ck4829]

36. K&R