Stock Trades by Senator Perdue Said to Have Prompted Justice Dept. Inquiry

Investigators focused on a sale of at least $1 million of stock in Cardlytics, a financial firm whose board the senator once sat on. They closed the case this summer without charges.

Stock Trades by Senator Perdue Said to Have Prompted Justice Dept. Inquiry Merlin_180229098_7c7bc870-809f-4a89-96a6-aeda75a99370-articleLarge

Stock Trades by Senator Perdue Said to Have Prompted Justice Dept. Inquiry Merlin_180229098_7c7bc870-809f-4a89-96a6-aeda75a99370-articleLarge

Early this year, Senator David Perdue, Republican of Georgia, sold more than $1 million worth of stock in the financial company Cardlytics, where he once served on the board. Six weeks later, its share price tumbled when the company’s founder announced he would step down as chief executive and the firm said its future sales would be worse than expected.
After the company’s stock price bottomed out in March at $29, Mr. Perdue bought back a substantial portion of the shares that he had sold. They are now trading at around $120 per share.
The Cardlytics transactions drew the attention this spring of investigators at the Justice Department, who were undertaking a broad review of the senator’s prolific trading around the outset of the coronavirus pandemic for possible evidence of insider trading, according to four people with knowledge of the case who described aspects of it on the condition of anonymity. Though Mr. Perdue alluded to the federal inquiry in a campaign ad this fall, its details have not been previously reported.
Investigators found that Cardlytics’ chief executive at the time, Scott Grimes, sent Mr. Perdue a personal email two days before the senator’s stock sale that made a vague mention of “upcoming changes.” The timing of the message prompted additional scrutiny from investigators in both Washington and Atlanta. But ultimately they concluded the exchange contained no meaningful nonpublic information and declined to pursue charges, closing the case this summer.

The federal scrutiny, which also included attention from the Securities and Exchange Commission, is the most vivid example to date of how Mr. Perdue’s complex financial interests and frequent trading have complicated his pursuit of a second Senate term. The results of January’s two Senate runoffs in Georgia, including Mr. Perdue’s race, will determine which party controls the chamber and with it, President-elect Joseph R. Biden Jr.’s ability to advance his agenda through Congress.
Democrats have used details of his trades to accuse Mr. Perdue of lining his pockets when Americans were worried about their jobs and health, and in some cases, leveled corruption charges.

.https://www.nytimes.com/2020/11/25/us/politics/david-perdue-cardlytics.html.

:leech:

Stock Trades by Senator Perdue Said to Have Prompted Justice Dept. Inquiry

Stock Trades by Senator Perdue Said to Have Prompted Justice Dept. Inquiry

Anarcho-Capitalist Categorical Imperatives

AnCaps' Laissez-faire Free Trade Zone