SEC Investigation of Burr’s Stock Transactions Focused on Conversations with His Brother-in-Law | Politics
“But it was previously unknown that Burr and Fauth spoke to each other that day and that their contact came just before Fauth himself began the process of dumping inventory,” ProPublica reported Thursday.
Shortly after a 50-second phone conversation between the men ended on February 13, 2020, the SEC said Fauth called his stockbroker and sold between $ 97,000 and $ 280,000 in shares of six companies. The amount is in accordance with a Federal Financial Disclosure Act filing made by Fauth.
The shares sold by Fauth concerned: Mondelez International Inc., a confectionery, food, holding and beverage company; Altria Group Inc., parent company of tobacco manufacturer Philip Morris USA; Chevron Corp .; Dutch royal shell (stock B); BP (British Petroleum) PLC; and Williams-Sonoma Inc., between $ 1,001 and $ 15,000.
There was no overlap in the shares sold on February 13 by the Burrs and Fauth. The Burrs bought shares from Mondelez in 2013 and sold them in 2015.
Burr’s office could not be immediately reached for comment on the documents filed with the SEC and the ProPublica report.
In May 2020, attorney Alice Fisher of the Washington law firm Latham & Watkins LLP said in a statement that “Senator Burr has participated in the stock market based on public information and he has not coordinated his decision to negotiate on February 13 with Mr. Fauth.