The post Congressman breaks insider trading law twice in a week with $355 million in sales appeared on BitcoinEthereumNews.com.

For years, the STOCKS Act – the law intended to prevent Congressional insider trading and increase transparency – has been criticized as ineffective and frequently ignored. Late in September 2024, Representative Darrell Issa of California provided the public with additional proof of the legislation’s shortcomings as he made two filings, both in stark violation of the law. First, on September 25, Issa reported seven bond sales worth up to $175 million. These trades were notable not only for their size but also because the Congressman was approximately 500 days late with all of the filings. Receive Signals on US Senators’ Stock Trades Stocks Stay up-to-date on the trading activity of US Senators. This signal triggers based on SEC updates on all the trades that are made by US Senators. Learn more. Enable signal Just a day later, the Representative reported another batch of bond sales, this time valued at up to $180 million. Unlike the September 25 filing, the second one was somewhat less late. The oldest trade was filed 234 days after execution, while the newest was only slightly in violation as it was 52 days old. U.S. Politicians have a 45-day deadline to report their trades. Darrell Issa’s second batch of reported bond sales. Source: U.S. Congress How Darrell Issa’s Congressional trades reveal issues with the STOCKS Act Both of Darrell Issa’s reports also highlight another issue with the reporting requirements as it is, in fact, exceptionally difficult to gauge their actual size. As most of the sales were filed as being between $5 and $25 million, he may have offloaded as little as $71 million worth of assets or as much as $355 million in total. Along with the obvious transparency issues, such discrepancies can obfuscate the scale of potential conflicts of interest.  It is worth remembering…

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Filed under: News - @ October 1, 2024 2:26 pm