In February 2020, Sen. Richard Burr (R-NC) learned before the public did that Covid-19 was about to devastate the U.S. economy, and promptly sold $1.6 million of stock to buyers who didn’t know what he knew.
Moments later Burr phoned his brother-in-law, Gerald Fauth, a business consultant Trump appointed to the National Mediation Board, and then Fauth immediately sold a six-figure quantity of stock.
Insider trading is illegal in this country. Nor is it a victimless crime. If a CEO sells his stock just before announcing the company is filing for bankruptcy, he’s robbed somebody. What Burr did was trade on secret information given to a select number of senators in a closed-door meeting, then passed that information to a relative to enable him to trade on it, too. They, too, robbed someone.
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