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Tag: stocks

Sen. Burr Stepping Down as Senate Intelligence Committee Chairman Amid Federal Probe of Stock Sell-Off

Sen. Richard Burr

By Steve Neavling

ticklethewire.com

Sen. Richard Burr is stepping down as the Senate Intelligence Committee chairman after FBI agents seized his cell phone as part of a federal investigation of his mass sell-off of stocks.

Justice Department and SEC investigators are investigating whether Bur violated a law that bars members of Congress from trading on insider information obtained from their privileged position.

“This is a distraction to the hard work of the committee and the members, and I think the security of the country’s too important to have a distraction,” Burr told reporters at the Capitol in an interview recorded by C-SPAN.

It’s not yet clear who would replace Burr, a Republican from North Carolina.

Burr sold a significant chunk of his stock portfolio on Feb. 13, when his committee was receiving daily updates on the coronavirus.

A week later, the stock market declined sharply.

FBI Serves Search Warrant on Sen. Burr Over Stock Sell-Off Amid Coronavirus

Sen. Richard Burr

By Steve Neavling

ticklethewire.com

FBI agents served a search warrant and seized Sen. Richard Burr’s cell phone as part of an investigation of his mass sell-off of stocks, a law enforcement official told The Los Angeles Times.

Burr, a Republican from North Carolina who also serves as the Senate Intelligence Committee chairman, has been under a Justice Department investigation after selling a significant chunk of his stock portfolio on Feb. 13, when his committee was receiving daily updates on the coronavirus.

A week later, the stock market declined sharply.

The Justice Department is investigating whether Bur violated a law that bars members of Congress from trading on insider information obtained from their privileged position.

Barr sold off between $628,000 and $1.7 million of his portfolio, ProPublica first reported.

FBI Investigates High-Speed Investors Accused of Potential Market Manipulation

Steve Neavling
ticklethewire.com

The FBI is investigating high-speed trading firms to determine whether they are engaged in insider trading, the Wall Street Journal reports.

The investigation was launched a year ago but remains in the early stages.

Among the focuses is whether high-speed investors are trading using information that others can’t access.

Investigators also are investigating a type of trading in which investors create the false appearance of market activity by placing a group of trades and then canceling them.

“There are many people in government who are very focused on this and who are concerned about it and who think it breaks the law,” an FBI spokesman said. “There is a big concern that high-frequency traders are getting material nonpublic information ahead of others and trading on it.”

More Stock Fraud Going Undetected in Bush Years

As the country worried about terrorist attacks, the Bush adminstration seemed to take its eye off of Wall Street. The result: Fraud and more fraud and people losing life savings.

By ERIC LICHTBLAU
New York Times
WASHINGTON – Federal officials are bringing far fewer prosecutions as a result of fraudulent stock schemes than they did eight years ago, according to new data, raising further questions about whether the Bush administration has been too lax in policing Wall Street.
Legal and financial experts say that a loosening of enforcement measures, cutbacks in staffing at the Securities and Exchange Commission, and a shift in resources toward terrorism at the F.B.I. have combined to make the federal government something of a paper tiger in investigating securities crimes.
At a time when the financial news is being dominated by the $50 billion Ponzi scheme that Bernard L. Madoff is accused of running, federal officials are on pace this year to bring the fewest prosecutions for securities fraud since at least 1991, according to the data, compiled by a Syracuse University research group using Justice Department figures.
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