FBI Investigation of Potential Insider Trading Turns Up Heat on Loeffler, Perdue, Tillis

Major developments in the federal investigation into Senator Richard Burr’s possible insider trading has cast an even bigger spotlight on three vulnerable GOP incumbents: Senator Kelly Loeffler already earned a “sharp warning” from the Securities and Exchange Commission and David Perdue’s questionable stock transactions are under increasing scrutiny. Senator Thom Tillis was also asked about the developments today, and he deferred to “the leader” Mitch McConnell instead of taking his own position.

Senators Loeffler and Perdue made a series of shady stock trades as the pandemic was taking hold in the United States while downplaying the threat it posed to Georgians:

• Loeffler began selling millions worth of stock the same day she attended an exclusive, senators-only briefing on the pandemic in late January while proceeding to invest in “a company that makes COVID-19 protective garments” and a teleworking software company. Here’s a timeline. 

• Perdue’s stock market activity “increased nearly threefold” as the pandemic began sweeping the country as the senator invested in the same “chemical company that supplies personal protective equipment” as Loeffler, as well as streaming provider Netflix, while selling off shares in casino giant Caesars Entertainment.

This morning on Hugh Hewitt’s radio show, when asked if Senator Burr should resign his committee chairmanship, Senator Tillis once again refused take his own position and deferred to McConnell: 

• TILLIS: “That’s … between Senator Burr and the leader. I do believe as I’ve said before he owes us all an explanation. … We just need to see where the investigation ends.” 

All three Republican senators rank among the most vulnerable incumbents in the country. 

“This latest development in the investigation into allegations of illegal insider trading puts Senators Loeffler and Perdue on notice for their own shady stock transactions and serves as a reminder that spineless Senator Tillis always bows to McConnell instead of taking a stand for what’s right,” said DSCC spokesperson Helen Kalla. “The corruption, self-dealing, and cowardice are why these Republicans are some of the most vulnerable Senate incumbents in the country, and why voters are going to fire them in November.”

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