NEW: Democratic Party of Georgia Files Complaints with Senate Ethics Committee and SEC Over Loeffler’s Latest Stock Trading Scandal

December 18, 2020

Report showing that Sprecher “bought stock…to benefit from then-secret bill” raises new ethical and legal questions for Loeffler

ATLANTA — Today, the Democratic Party of Georgia announced that it is filing a complaint with the Senate Ethics Committee and a request for investigation with the Securities and Exchange Commission following revelations that Senator Kelly Loeffler’s husband (and NYSE Chairman) Jeff Sprecher managed to invest in several industries…that were poised to take advantage of the [CARES Act’s] very specific provisions” at a time when the legislation was “still mostly a secret.”

Loeffler and Sprecher have both previously been under investigation by both the Senate Ethics Committee and the SEC for their “unseemly” stock trading right before the coronavirus outbreak. Yet this latest report raises new questions that Sprecher may have been able to profit off of knowledge of a tax carryback provision that “Loeffler could very well have learned about days before the Senate bill went public.”

Despite her stock trading scandals, Loeffler has continued refusing to answer whether senators should “be barred from trading stocks” in the first place and will not commit to placing her assets in a blind trust, which her predecessor Senator Johnny Isakson called “the best way to comply…with the ethics disclosures.” 

“Senator Kelly Loeffler is no stranger to using her position of power to benefit herself and her own interests,” said Scott Hogan, Executive Director for the Democratic Party of Georgia. “But recent transaction reports and company statements demonstrate that Senator Loeffler may have used nonpublic information related to COVID-19 economic relief legislation for her family’s own financial gain in violation of federal law and Senate ethics rules. Georgians deserve to know whether their unelected senator was illegally using inside information to further enrich herself and her family.”

Read the full copy of the ethics complaint here and the request for investigation to the Securities and Exchange Commission here.


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