Bro-in-law of millionaire Sen. Richard Burr ‘dumped up to $280k of stocks on same DAY as him’ before coronavirus crash
SENATOR Richard Burr dumped stocks right before the coronavirus crash - but he wasn't the only member of his family to sell his shares, reports say.
His brother-in-law also shed a significant portion of his stocks back in February ahead of the COVID-19-induced market plunge, according to .
That day, Gerald Fauth - who is married to Burr's sister, Mary Fauth - between $97,000 and $280,000 worth of shares in six companies.
ProPublica notes that several of these businesses were which saw by 30 percent.
Before the virus , Fauth or his wife sold between $15,001 and $50,000 of Altria stocks, the tobacco company.
They got rid of between $50,001 and $100,000 of Mondelez International stocks, between $1,001 and $15,000 of Williams-Sonoma stocks, as well as stakes in multiple oil companies.
Burr's attorney, Alice Fisher of Latham & Watkins, told The Sun he "participated in the stock market based on public information and he did not coordinate his decision to trade on February 13 with Mr. Fauth.”
Burr had access to intelligence information as chairman of the Senate Intelligence Committee and a health committee member before the market tanked.
Members of are prohibited from trading stocks based on classified information they've acquired in their jobs.
Burr also sits on the Health, Education, Labor and Pensions Committee.