Top Democrat Caught Hiding Massive Stock Trades

Top Democrat Caught Hiding Massive Stock Trades

( – Congress enacted the federal STOCK Act on April 4, 2012, as part of an effort to combat insider trading by Congressional members. It prohibits the use of non-public information for personal financial gain. Congressional members are required to publicly disclose any transactions involving bonds, commodity futures, stocks, and other securities on their websites within 45 days.

Rep. Tom Malinoski (D-NJ) campaigned heavily on “reforms to limit the role of money in politics.” However, interviews with his office staff and a review of his financial documents by Business Insider revealed he failed to disclose dozens of stock transactions “in an apparent violation” of the STOCK Act.

Business Insider detailed its findings on March 4. According to its report, Malinoski failed to publicly disclose more than two dozen stock purchases and sales. Business Insider estimated he made as much as $2.76 million altogether in trades in 2020. Malinowski’s chief of staff claimed the senator’s failure to disclose the transactions was an oversight.

Malinoski faces a congressional investigation and possible fines for his failure to disclose the transactions. Malinowski’s spokesperson told Business Insider the House Ethics Committee had not contacted the representative’s office, but he would be willing to pay a fine if the committee recommended one.

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