New Jersey Democrat faces ethics complaint over shadowy stock trades

New Jersey Democrat Tom Malinowski is under scrutiny for continuing an illicit stock buying spree on the sly despite receiving a first warning about his failure to disclose his trades.

According to Breitbart, the conservative non-profit Foundation for Accountability and Civic Trust (FACT) has filed a new complaint accusing Rep. Malinowski of trying to “secretly” profit off the coronavirus pandemic and stubbornly refusing to follow disclosure requirements.

Ethics complaint filed

In a letter to the Office of Congressional Ethics, FACT noted that Malinowski made some $189,000 in trades this April that were reported “well past the legal deadline” of 45 days.

The U.S. congressman was notified of the trades at the end of April, but he did not report them until June 12.

FACT had previously filed a complaint in March after Business Insider reported that Malinowski failed to disclose between $671,000 and $2.67 million in trades last year, including stock in medical companies with a stake in the burgeoning coronavirus pandemic.

At the time, Malinowski said that nobody should be “profiting off of selling ventilators, vaccines, drugs, treatments, PPE (personal protective equipment), anywhere in the world,” as Breitbart noted.

But he was privately investing in a “medical diagnostic company that manufactured COVID-19 tests,” FACT said, as well as shelf-stable food and exercise equipment as many Americans were confined at home.

“Secretly trading stocks”

FACT accused Malinowski of “secretly trading stocks related to a national crisis and […] preventing the public from evaluating whether the transactions were based upon information he obtained from his official position,” and then continuing to ignore the rules once caught.

Malinowski’s unreported trade this April included stocks in the food delivery app DoorDash and the exercise equipment company Peloton, according to Fox News.

The congressman has insisted that his trades were made without his knowledge and that he is now putting his assets in a blind trust.

But FACT called on the House to take action, noting in its letter that “timely and accurate filings are the only method for citizens to determine whether Members have conflicts of interest.”

“Should the Office of Congressional Ethics and Ethics Committee find that Malinowski has repeatedly failed to file the proper disclosures, then it must impose appropriate sanctions that are commensurate with the multiple violations,” the group concluded.

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  5. Congress is FULL of people who have become MILLIONAIRES from insider trading in stocks that would put anybody ELSE in prison. THIS guy is just ONE. Nancy is another, as is Maxine Waters and NUMEROUS others. Do they have a conflict of interest? Hell, YES, they do. They use information they get in committee briefings to make “insider” stock trades before the information becomes public, and make MILLIONS. And they continue to enrich themselves as the privileged ELITE they think they are. I predict THIS jerk will receive no more than a slap on the wrist, if THAT, because MOST OF THEM are doing the same thing, so would not want to set a precedent of actually, you know, PUNISHING people who do this.

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