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The 2020 congressional insider trading scandal was a political scandal in the United States involving allegations that several members of the United States Senate violated the STOCK Act by selling stock at the start of the COVID-19 pandemic in the United States and just before a stock market crash on February 20, 2020, using knowledge given to them at a closed Senate meeting.
The Stop Trading on Congressional Knowledge (STOCK) Act of 2012 (Pub. L. 112–105 (text), S. 2038, 126 Stat. 291, enacted April 4, 2012) is an Act of Congress designed to combat insider trading. It was signed into law by President Barack Obama on April 4, 2012. The law prohibits the use of non-public information for private profit, including ...
The STOCK Act prohibits members of Congress and other government officials from trading based on knowledge obtained as a result of their jobs.
Stock trading by both elected and unelected government officials has been an increasing focus of ethics watchdogs and others concerned about members of the federal government profiting from ...
Senator Mark Kelly of Arizona sat down with Yahoo Finance to talk about his Ban Congressional Stock Trading Act, which would confiscate a lawmaker’s entire salary if they break the rules.
These officials have been convicted under two types of statutes. The first type are also applicable to corrupt state and local officials: [ 1 ] the mail and wire fraud statutes (enacted 1872), including the honest services fraud provision, [ 2 ] the Hobbs Act (enacted 1934), [ 3 ] the Travel Act (enacted 1961), [ 4 ] and the Racketeer ...
Kennedy's team defined four missions for the new commission: (1) to restore investor confidence in the securities market, which had practically collapsed; (2) to restore integrity to securities markets by prosecuting and eliminating fraudulent and unsound practices targeting investors; (3) to end million-dollar insider trading by top officials ...
A massive insider trading case brought by the SEC revealed that some people working for SAC Capital routinely skirted the rules surrounding non-public information and allowed them to bag big ...