Another Democratic elected official is on the receiving end of some serious allegations.
According to the Washington Examiner, U.S. Rep. Tom Malinowski (D-NJ) has been accused by two organizations of engaging in more than half a million dollars worth of undisclosed stock trades.
“Failed to disclose 90 stock trades”
The Campaign Legal Center and the Foundation for Accountability and Civic Trust have sent letters to the Office of Congressional Ethics to recommend an investigation into the matter.
As FACT stated in its letter, “it was reported that Representative Malinowski failed to publicly disclose 90 stock trades worth between $671,000 and $2.75 million in 2020.”
The congressman’s claim that his failure to reveal the information was just an “oversight” without bad intent, but FACT dismissed the excuse.
“Although his office acknowledged it was an ‘oversight,’ it is also a violation of the law that must have consequences,” the letter continued. “The disclosure requirement our elected officials must abide by are an integral part of an ethical and transparent government.”
The group further accuses the congressman of focusing his investment strategy around stocks he knew were likely to benefit from the COVID-19 pandemic, including those related to healthcare and home exercise equipment.
“Requires accountability for any member of Congress”
As the letter concluded: “It appears Malinowski was secretly trading stocks related to a national crisis, which prevented the public from evaluating whether his transactions were based upon information he obtained from his official position”
Striking a similar tone, the Campaign Legal Center wrote that federal law “requires accountability for any member of Congress who fails to report stock trades within 45 days of the transaction.”
Furthermore, the group determined that Malinowski “repeatedly failed to comply with this requirement for over two years” and “describes this omission as an ‘oversight’ even though he is an experienced investor and former political appointee who has been subject to the STOCK Act for over five years.”
That legislation “will not accomplish its intended purpose, which is to provide more disclosure of congressional stock trading and combat insider trading” unless such violations are addressed.
For her part, Malinowski spokesperson Amanda Osbourne denied that he acted nefariously, claiming that it “was not an effort on the part of the congressman to conceal any trade activities.”