A new Justice Department report is out and it has confirmed that Senator Burr is now under federal investigation for apparent insider trading and possibly illegal stock deals. According to the report, Burr was placed under investigation over the weekend as scrutiny over a series of stock deals continued to grow.
It’s worth noting that it is quite common for the SEC and the FBI to investigate stocks and trading deals when high levels of scrutiny are present. In the 48 hours leading up to the Coronavirus market crash, Burr sold upwards of $1.7m worth of stocks.
Burr’s lawyer Alice Fisher reportedly told CNN in a delivered statement:
The Senator “welcomes a thorough review of the facts in this matter, which will establish that his actions were appropriate.”
“The law is clear that any American — including a Senator — may participate in the stock market based on public information, as Senator Burr did,” Fisher said.
Per Burr ‘s lawyer, Burr maintains that like “any other American” he was simply guided by public media reports. But any other American may be aware that such moves are dicey, and widely seen as possible insider trading.