Rep. Malinowski traded as much as $1M in medical, tech stocks with stake in COVID-19 response
Source: The Hill
New Jersey Rep. Tom Malinowski (D) is facing two ethics complaints for his failure to report trading roughly $1 million in stock in medical companies that were involved in responses to the COVID-19 pandemic, according to The Associated Press. The AP reported Friday that an analysis of records obtained by the news agency revealed the lawmaker's involvement in the stock buying and selling starting early last year.
Malinowski's trades in the medical and tech stocks were just one part of the approximately $3.2 million value of his buying and selling at the time, which the AP reported he failed to properly disclose to Congress as required by law. The disclosure failure, first reported by Business Insider, was followed by two complaints filed against Malinowski with the Office of Congressional Ethics, according to the AP.
The newswire reported that while there was nothing to indicate Malinowski acted on insider information, records show he participated in the short-selling of stocks, or placing bets that the value of stocks for certain companies would decline.
In an interview with the AP, Malinowski admitted that he failed to file his financial activities, saying it was “a mistake that I own 100 percent.”
Read more: https://thehill.com/homenews/house/554739-rep-malinowski-traded-as-much-as-1m-in-medical-tech-stocks-that-had-stake-in
In the early days of the pandemic, New Jersey Rep. Tom Malinowski scolded those looking to capitalize on the once-in-a-century health crisis.
"This is not the time for anybody to be profiting off of selling ventilators, vaccines, drugs, treatments, PPE (personal protective equipment), anywhere in the world," the two-term Democrat and former assistant secretary of state told MSNBC in April 2020.
He did not heed his own admonition.
https://www.startribune.com/as-pandemic-spread-pain-and-panic-congressman-chased-profit/600059629/
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