Sen. Kelly Loeffler Denies Reports of Insider Trading
Sen. Kelly Loeffler (D-Ga.) appeared on Fox News’ “America’s Newsroom” where she faced some tough questions.
Loeffler is facing allegations that both she and her husband sold stocks knowing that the markets were going downhill amid the coronavirus outbreak, as IJR previously reported.
She originally denied the allegations claiming it was only the third party advisers who knew of the immediate transactions.
Host Ed Henry asked Loeffler “were you trading on inside information about what was coming?”
Loeffler pointed out she was there to set the record straight.
“It’s absolutely false and it could not be true,” Loeffler said, adding, “If you actually look at the personal transaction reports that were filed, it notices at the bottom that I’m only informed of my transactions after they occur several weeks.”
Watch her comments below:
Henry pressed Loeffler on who these third party advisers are and how they had a good understanding of where the market was going.
She responded to the question claiming she is not involved in certain decisions.
“Well certainly I’m not involved in the decisions around buying and selling,” Loeffler commented, adding, “There’s a range of different decisions made every day with regard to my savings and 401(k) portfolios that I’m not involved in.”
Loeffler responded to a question that Henry asked regarding her husband Jeffrey Sprecher, the chairman of the New York Stock Exchange. He asked if there was a “conflict here.”
“When we acquired the New York Stock Exchange back when I was part of the company, we actually put the first set of rules in that prohibited discretionary trading,” Loeffler said, adding, “That’s why it’s outsourced to third-party investment managers.”
The conversation came to a close as Loeffler was asked if she would cooperate if entities wanted to look into the allegations.
“Absolutely,” Loeffler said.
Sens. Dianne Feinstein (D-Calif.), Richard Burr (R-N.C.), and Jim Inhofe (R-Okla.). are also facing allegations of insider trading.
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