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The SEC filed a lawsuit against Elon Musk, alleging he violated federal securities laws by delaying disclosure of his Twitter stock purchases in 2022. This delayed disclosure, the suit claims, allowed Musk to acquire shares at artificially low prices before his takeover, costing other investors at least $150 million. The SEC seeks disgorgement of Musk’s unjust enrichment and civil penalties. Musk, who has a history of clashes with the SEC, vehemently denies wrongdoing, calling the suit a politically motivated attack. The timing of the lawsuit, preceding the SEC chairman’s resignation and a potential change in administration, adds another layer of complexity.
The House Oversight Committee will be chaired by Representative Gerry Connolly following a Democratic vote. Despite facing criticism for violating the STOCK Act by failing to timely disclose stock transactions involving companies with government contracts, Connolly secured the position. These undisclosed trades included shares in Dominion Energy, SAIC, and Leidos. Further controversy surrounds Connolly’s role in the HEROES Act, accused by some of secretly benefiting defense and intelligence contractors.
President Biden has finally endorsed a ban on congressional stock trading, stating that lawmakers shouldn’t profit from the market during their terms. This long-awaited statement, made in an interview with Sen. Bernie Sanders’ advisor, comes just a month before the end of Biden’s presidency. While a bipartisan bill to ban such trading already exists, it lacks a vote. Biden’s endorsement adds significant weight to the debate fueled by concerns about insider trading and conflicts of interest.
UnitedHealth chair and executives offloaded a staggering $102 million worth of company stock just before the Department of Justice (DOJ) probe became public knowledge. This timing has understandably raised significant eyebrows, prompting questions about the nature of these transactions and the potential for insider trading. The sheer scale of the sales alone is enough to warrant a closer look.
The initial reaction suggests a strong suspicion of wrongdoing, fueled by the well-known prevalence of such practices in corporate America. The assumption that regulatory bodies, like the Securities and Exchange Commission (SEC), are unlikely to take decisive action against powerful figures only reinforces this cynicism.… Continue reading
The recent news of a BP executive’s husband being guilty of insider trading $1.8 million and snooping on her calls is certainly a scandalous development. It’s hard to believe that someone so closely connected to a high-profile company like BP would engage in such illegal activities. The fact that the husband admitted to trading TravelCenter shares illegally in an attempt to make enough money so that his wife wouldn’t have to work long hours anymore is not only unethical but also incredibly foolish.
What’s even more concerning is the fact that the wife reported her husband’s insider trading to her BP supervisor, only to be fired from the company herself.… Continue reading
When I first heard about the story of the husband who made over a million dollars by eavesdropping on his BP wife, my initial reaction was one of shock and disbelief. How could someone betray their spouse in such a blatant manner, especially when it involves illegal insider trading? I couldn’t wrap my head around the fact that this man would risk his wife’s career and their marriage for financial gain.
As I delved deeper into the details of the case, it became clear that this was not an isolated incident of greed and deception. The husband’s actions, although driven by a desire to provide for his wife so she wouldn’t have to work long hours, were still inexcusable.… Continue reading
John Q. Hosedrinker 
Matt Underwood