Following media attention on Sen. Bob Corker’s (R-Tenn.) possible insider trading actions, the Campaign for Accountability filed with the Securities and Exchange Commission and the Senate Select Committee on Ethics yesterday to investigate.
According to a CfA news release, Corker violated federal law and Senate rules by making false statements on his personal financial disclosure forms.
Citing a Wall Street Journal article, CfA officials said that Corker did not report 70 trades of Chattanooga-based CBL & Associates Properties stock.
Anne Weismann, CfA executive director, said these profitable stock trades were suspicious.
“Sen. Corker’s trades followed a consistent pattern—he bought low and sold high,” Weismann said in the news release. “It beggars belief to suggest these trades—netting the senator and his family millions—were mere coincidences.”
In a prepared statement sent to Nooga.com, a Corker spokesperson responded to these allegations:
These baseless accusations from a political special interest group are categorically false and nothing more than a smear campaign. The senator always has disclosed to the public that he invests in CBL since he first held stock in the company back in 2007. The accounting firm that worked on his financial disclosure reports properly listed the sale and gain or loss of transactions, but some did not list the day they were purchased, so after completing a full review, we are correcting this technical oversight.