Senator Who Sold Off Stocks Before Coronavirus Market Crash Gets Hit with Lawsuit

Sen. Richard Burr has been sued by an investor in Wyndham Hotel stock for allegedly using Senate Intelligence Committee information to sell off his shares of the stock before their value plummeted during the coronavirus pandemic.

“Senator Burr owed a duty to Congress, the United States government, and citizens of the United States, including Plaintiff, not to use material nonpublic information that he learned by virtue of his duties as a United States Senator in connection with the sale or purchase of any security,” the lawsuit says, according to ABC News.

“Senator Burr breached that duty by selling stock, including Wyndham stock, based on that material nonpublic information.”

According to Senate disclosure forms, the North Carolina Republican, who chairs the Senate Intelligence Committee, made 33 stock transactions on Feb. 13.

The forms do not disclose the exact value of transactions but provide a range. The sales collectively netted Burr between $628,000 and $1.72 million.